In reply to volvoclearinghouse :
Keep storing it. The kids will get older in about three blinks and giving them a pile of change is a good way to keep their young fingers nimble. My youngest is 14 and rolled $48 worth of change for me Saturday afternoon.
Make it their “job” when they want something big ticket so they feel a sense of ownership when they have to spend a couple hours rolling change to get the newest cool LEGO set.
Uh...if you want even more money, sort through them. Most people know that 1964 and old coins are worth more, but there are a surprising amount of new coins that are worth money. A 1983 Philadelphia quarter is worth almost double. West Point accidentally circulated dimes (with a W) in 1996. They're worth $2-$3.
In reply to volvoclearinghouse : My local bank puts the coins in a counting machine free for me if I deposit them. Theirs was really good and separated out Canadian and other foreign coins
frenchyd said:In reply to volvoclearinghouse : My local bank puts the coins in a counting machine free for me if I deposit them. Theirs was really good and separated out Canadian and other foreign coins
They should all do that, unless the foreign coin is identical in shape and dimension to a domestic coin. Most will filter out anything that isn't a quarter/dime/nickel/penny; your Kennedy half dollar will not go in, nor will your gold dollars.
In reply to Tom Suddard :
I did something similar with my bank. Following a period of unemployment after the 2008 recession I made my mortgage payment with paper money, the odd check I endorsed under someone else’s signature and every coin I could collect from coin jars, under the sofa, in the cars, and every nook and cranny.
I made it with 17 cents to spare! But I was on time!
I think usbank has a coin counter in every branch. I just went through the same issue you have in December.
Our change container is a 1 quart old metal milk jug. 218 dollars or so.
mtn said:frenchyd said:In reply to volvoclearinghouse : My local bank puts the coins in a counting machine free for me if I deposit them. Theirs was really good and separated out Canadian and other foreign coins
They should all do that, unless the foreign coin is identical in shape and dimension to a domestic coin. Most will filter out anything that isn't a quarter/dime/nickel/penny; your Kennedy half dollar will not go in, nor will your gold dollars.
They even counted Susan B Anthony silver dollars.
I am in the same boat, I got 2 5gal water jugs full, I should probably go to the bank and ask.
volvoclearinghouse said:When I used to need quarters to do laundry, that helped keep the change situation at bay.
When Mrs. VCH and I used to go out on Saturday night and shoot pool, that helped use up the change.
Now I own my own washing machine and we never go out to shoot pool anymore.
Wherever you are getting loose change, you can use it, too.
And while it may seem like you are saving money by collecting it, you are actually not. Having cash sit at home looses value, since it does not keep up with inflation. If you really want to "save" that, then put $1/day in a savings account automatically, and keep your loose change to under $1. Saving money for your kids this way is more effective too.
Unless you are trying to teach your kids to work- which is a totally different goal than saving money.
frenchyd said:mtn said:frenchyd said:In reply to volvoclearinghouse : My local bank puts the coins in a counting machine free for me if I deposit them. Theirs was really good and separated out Canadian and other foreign coins
They should all do that, unless the foreign coin is identical in shape and dimension to a domestic coin. Most will filter out anything that isn't a quarter/dime/nickel/penny; your Kennedy half dollar will not go in, nor will your gold dollars.
They even counted Susan B Anthony silver dollars.
That is impressive. Ours, at least at the two branches I went to, would not be able to do those--they'd just spit them out.
A dollar coin is smaller than a half dollar...
In reply to SVreX :
And slightly bigger than a quarter.
In reply to Slippery :
I was thinking something like that.
This tray setup on amazon is $10 and includes a bunch of rolls.
In reply to bluej :
That’s good too.
Just an fyi, I bank with Bank of America and even though they will not accept coins unless they rolled, they will give me as many paper rolls as I want.
I took one of my kids there last year and they gave me a plastic tray to count the coins with and a bunch of rolls.
volvoclearinghouse said:Slight digression: I especially hate dimes. They're tiny, hard to roll, and the only coin which does not follow in the logical progression of "bigger = more valuable". Seriously, berkeley dimes.
Can I have the dimes?
In reply to Woody :
Sure, I'll sell them to you for eleven pennies apieice.
In reply to alfadriver :
Yes, I know, inflation and all that. My other thought was to do the quarters myself and then save the smaller change for the kiddos to roll and let them keep it as a reward. Yes, I am a cheap bastard.
I have the same conflict about the money my kids get for presents on birthdays. If I just hoard it it's losing value, but I feel bad sticking their birthday money into my bank account, even if I were to track it separately. Soon they wil get their own bank accounts, but that time is not yet.
My other problem, when I go somewhere and eat, or buy a coffee and pastry, I don't leave the change as a tip- I always tip in whole dollars. I had a friend who used to work in food service who told me that they HATE getting change for tips. Tips shouldn't make noise. So I tip a buck, or two, or whatever. And the change goes in my pocket. I also tend to pay small businesses in cash, since I know they take a percentage or two hit from me using the plastic.
In reply to volvoclearinghouse :
Our kids have pickle jars. My fil made them when they each were very young. Fil gives them dollar coins almost every time he sees them, and we put gift money in there. Each time they fill up, we count the money (I secretly give the dollar coins back to Grandpa, they are worth more than a dollar I guess) and I deposit it and then invest it.
At the same time, I write an email to myself about their deposit into the "bank of dad". Bank of dad pays a ridiculous interest rate on those two savings accounts to show them how compunding interest works on a shorter time scale.
Neither has withdrawn any yet, but the plan is they will have to do some math with me to figure out their current balance on the day of the withdrawl. They are both still a bit young to really have a want to spend "their own" money anyway.
volvoclearinghouse said:My other problem, when I go somewhere and eat, or buy a coffee and pastry, I don't leave the change as a tip- I always tip in whole dollars. I had a friend who used to work in food service who told me that they HATE getting change for tips. Tips shouldn't make noise. So I tip a buck, or two, or whatever. And the change goes in my pocket. I also tend to pay small businesses in cash, since I know they take a percentage or two hit from me using the plastic.
I don't buy that- they all have access to the cash in the register, and given that it can be a pain to deal with loose change, keeping that part stocked is always a good thing. Especially if that means taking $2 instead of $2.32. Even so, when the bill is $22.45, pay with 25 or 30 with .45 added. Then you can tip with paper.
But that's a tangent to this thread.
Other than the suggestion- I wish I had a good solution to converting that to cash. Other than getting a sorting machine on line- but that could cost as much as the services....
In reply to alfadriver :
Funny, my pastry and coffee this morning (a treat I allow myself once a week) was $4.45. I tipped the guy a buck and - you guessed it - pocketed two quarters and a nickel.
In reply to Robbie :
I like the Bank of Dad idea. I'll float it past Mrs. VCH. I expect she'll approve. We're going to be homeschooling anyway, at least at first, so this will be a good lesson. Maybe we'll do the Bank of Mom. 
When I found myself with excess small change, I found a good way to spend it:
When grocery shopping I'd pump it into the coin slot at the self check-out aisle at the grocery store.
I figured this is a least-annoying way to do it. I'm not bothering a cashier with a sock full of pennies and as long as there's not a winter storm on the way, there's not usually a long line of people behind me waiting.
Oy, we've got a 5 gallon glass jug full. I need to break a bone or something to make the time emptying it. I hesitate using a sorter because some coins are from other countries.
Regarding counting change, the parts house I worked at briefly had a machine where we literally dumped all the coins of a certain type in a cup a weighed them. Something tells me the banks might have something even fancier.
Once, I was friends with the Salvation Army ministers in my town (they lived across the street). During their kettle drives they’d come over and we’d count the money. Checks and bills got counted, change was dumped in a heavy cloth bag and deposited (uncounted) directly to the bank. The banks position was that they had the big sorting equipment to count it properly and taking large quantities of rolled coins (rolled by not the bank people) introduces the opportunity for error or fraud.
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