Are Supermarket Coin Cash-In Machines A Rip Off?

I know several people who take the time to go to the bank and get those paper sleeves for coins. Then they either use a coin sorting machine or they count and roll the coins by hand. After that, they take the rolls down to the bank.

Why would they do such a thing?

Because they think that going to a coin "cash-in" machine in the supermarket is a rip off. "I'm not paying 9% when I can just roll them myself", they say.

Are they right or wrong?

In this Hub, I will show you why I feel that everyone should be using these machines to cash in their coins.

How much time does it take to wrap the coins yourself? Well, let's see...

If you have a small spaghetti jar of coins, here are the estimated times that it would take to do the following tasks:

• Get the coin wrappers from the bank (drive there, stand in line, drive home) - 30 minutes
• Put the coins in a sorter or hand count - 20 minutes to 1 hour
• Get back in your car and take it to the bank (drive there, stand in line, drive home) - 30 minutes

These are optimal times and your actual times could be more. But for the sake of argument, let's say it takes about 2 hours to cash in a small jar of coins.

Let's not forget the value of the jar. In this example, maybe there is a total of about $50 in coins in that jar...if you are lucky.

So keep that in mind as we go forward.

The next thing I want you to do is take a step back from the coins. Let's talk about your job.

Huh?

That's right, how much do you make at your job? You don't have to say it out loud, but just think about that number in your head. We want to break that down to an hourly rate. Don't worry it is pretty easy to do, even if you are a salaried worker.

For example, say that you make a modest $40,000 per year. In order to get the approximate hourly rate, divide that number by 2,000. You can figure the math out yourself, but trust me, that is how it works.

We are not after exact numbers here, just a rough estimate.

So in this case, if you made $40,000 per year, that would equal about $20 per hour...roughly.

Keep that number in mind for the next section.

You obviously see where I am going with this. Since it takes about 2 hours to wrap and deposit your coins, in this example that is costing you $40 of your time.

Right?

Now, let's see how much it costs to use the coin cash-in machine in the supermarket...

If you had $50 in coins in that jar and you are being charged a 9% service fee, you are paying the coin cash-in machine company $4.50 on that jar of coins.

See what I am saying?

Let's recap...

Roll It Yourself
Original amount in coins: $50
Labor: $40
Net, in your pocket: $10

Use a supermarket coin cash-in machine
Original amount in coins: $50
Fees: $4.50
Net, in your pocket: $45.50

That is a HUGE difference in how much you are actually getting...over four times more! Remember time is money too. And if you make more than $40,000 a year, then wrapping coins yourself is probably COSTING you money!

I hope this has given you something to think about. If you enjoyed this Hub, please pass it on. It could help your friend.

And in case you are wondering, NO, I do not work for a coin cash-in machine company, nor do I own one. I just think it is a great service...I wish I thought of it!