Exchange Coins for bills: Ways to make money

[jeffrey]

Another creative way to possibly make some extra money is to follow the lead of the coin man. This was a guy that I met who went to people's houses and exchanged all the coins they had in jars in their house for bills on the spot.

With Coinstar taking out a large percentage and even banks charging to exchange coins these days, it could be a convenient win/win for everyone if you enjoy this type of thing. I know that a lot of my friends never use their coins because it is too inconvenient for them to take a huge jar and try to exchange them and I'm sure that those that are older and have a more difficult time getting around would like this service.

There are a lot of creative ways to earn extra money if you put your mind to it.

[Casebusters]

wow, That could work but like others said, that is very time consuming!
and then again, you would have to wrap all the coins and redeem them yourself which will take even longer (unless you find someone else doing the same thing! where you could sell him your coins. lol)

[momula]

Time consuming yet I just happen to have a lot of time, thanks

[zeldo]

very time consuming method, if you are good enough to go door to door and convince people to exchange their coins with you then you are good enough to sell them something which will make you way more in commission.

[mom-from-missouri]

HA HA. This reminded me of my one sister in law years ago in Arkansas. she and her husband owned vending machines, payphones and arcade games. I went with her one day to collect coins and replace tokens. The further along we went, the lower her trunk sat. I thought we would be dragging the car trunk by the time we were done.

[Slug]

One flaw in this is that most banks offer the coin counting service free now. It's not door to door service, but I trust the bank much more than a stranger at the door.

[GrimJack]

I recently read an article about the mint - they have had to cut coin production by 75% because all the coins that had been accumulating in people's jars are now being cashed in. The article went on to say that they are using the time and staff to tune all the different production lines; they do not want to lay anyone off because the skill sets used in the mint are extremely rare and they would have a difficult time getting staffed up when the time came to ramp up production.

[Relmiw]

at first i thought that both parties would agree on a sum before any counting was done, based on estimations.

now i am thinking he rolls it all up and gives them 80% of what it is worth, or something like this

[Relmiw]

at first i thought that both parties would agree on a sum before any counting was done, based on estimations.

now i am thinking he rolls it all up and gives them 80% of what it is worth, or something like this

[YourLifeSolution]

Wow, the transactional cost would eat you alive. Lets explore:

Average American has lets say $10 of change available

1/3 open door
1/5 don't tell you to go away

1/15 success and you must undercut Coinstar. So lets say 5% margin. That's 50 cents for every 15 doors knocked on. Yes, these numbers are hypothetical but still this biz has no wings.

[wonderfulpittance]

Wow. A revived thread.

Anyway, I know some supermarkets give people a small percentage, say 1%-3%, bonus when you exchange your coins for bills.

[Starlight529]

I always save my change. Then after I feel I'm at my mark. Roll them myself and cash them in. Love doing as much as possible for self.