What to do with all those pennies

Photo courtesy of R-z

Vending machines and parking meters rarely take them anymore. Many cashiers can’t be bothered with them. I’ve even seen signs on fountains discouraging people from tossing them in to make a wish (something about discoloring the marble, I believe).

If you have a growing pile of pennies at home, not because you’re speculating on the price of copper, but simply because you can't figure out what else to do with them, here’s one option I recently became aware of: dump them in a Coinstar machine at your local supermarket and take your money in the form of a gift card. 

Coinstar normally redeems pennies and other loose change in return for a cut of 8.9 percent. However you can get full value for your coins if you exchange them for a gift card or certificate good at Amazon.com, CVS, iTunes, or a bunch of other places. While Consumer Reports has often pointed out the pitfalls of gift cards, they are, at least, less hassle than pennies.

There may be other Coinstar-like companies doing something similar. And if your bank accepts pennies, that could be another option, though you may have to count and roll your coins first. Be sure to call ahead before you show up with a steamer trunk full.

But so far this is the easiest way I’ve found to get rid of pennies and get something in return for them. Anybody have other, or better, ways? Please share them here. Maybe we'll even help stimulate the economy while we're at it. --Greg Daugherty

When he isn't counting his pennies, Greg writes the “Retirement Guy” column each month in the Consumer Reports Money Adviser newsletter.

Comments

[A]

Why not get paper rolls, count them out, and take them to the bank?

[Mike Wyman]

I solved the penny problem a long time ago - I never pay cash unless I have to. In those instances where I need to pay cash (parking lots, hotel staff tips, etc.) they are always in whole dollar amounts.

Side benefits include less hassle at airport security checkpoints and longer-wearing pockets!

[Brian]

Umm. Your bank should take the coins free of charge and just deposit the amount in your account. Also, some banks will take your coins even if you don't have an account. Never pay the fees associated with a Coinstar Machine. It is just nuts.

[Carlie]

I'm agree with Brian. It's nuts to pay the fees for the machines.

But I've also found that a lot of bank branches don't have a coin counting machine. The trick is to keep calling around until you find one. I finally found my bank's coin machine in one of the downtown offices. If I drop off my coins, they will deposit the money into my account in one or two days. Much better than a gift card.

[Kevin]

Previous commenters are missing the point: with a coinstar machine there IS NO FEE if you get a gift certificate, and since amazon.com sells pretty much everything in the world, and usually at competitive prices, you can put to use pretty quickly.

I just bought a new blu-ray player entirely with change. :)

[Rusty]

I donate my pennies to my credit unions 'Penny Day', usually towards some charity. I walked in the 1st time with 6 wine bottles full and received a special thanks from five 7 yr. olds.

[Brad]

Don't forget that credit unions will usually take coins also. Mine has a machine in the front lobby for CU members only. Get the count and take the receipt to a teller for either cash back or deposit it. You have to take the receipt THAT DAY but since you're already there, just do it. I use my change on vacation for golf greens fees.

[Tamara]

Any U-Scan will take as much change as you feed it. I use them for any grocery purchases, calling it my 'penny discount'. Use courtesy, though, and don't do this when there's a line behind you.

[Maury]

Really, there is only one thing to do with this many pennies.

http://www.PennyPortrait.com

[DGM]

I keep pennies in my wallet and when I buy something I give whole dollars and the pennies to get only silver coins back. For example 4.23 bill, give 5.00 and 3 pennies--.80 change (all silver). At the end of the day, I put the silver coins in a small jar and regularly take them to the credit union or bank and add to savings. Adds up faster than pennies alone and I don't miss it.

[Mike Dino]

A little off topic, but pennies need to be discontinued all together by the government. It is a waste of money to make them.

[Graham]

I actually used to get rid of them at a freeway toll in Orlando that would actually take them and count them up! It was only a 50 cent toll, but it worked well, dumping off 5 to 10 at a time.

[Walt Phillips]

Some casinos (not many and mostly rural) will take them, count them for free, and give you cash. Be careful and confirm they COUNT all types of coins you are giving them though...

[HID Kit]

Excellent post.Your bank should take the coins free of charge and just deposit the amount in your account. Also, some banks will take your coins even if you don't have an account. Never pay the fees associated with a Coinstar Machine. It is just nuts.

[Rod II]

Something little sinister to do with pennies is. Take them with you to a restaurant in case a waiter or waitress gives you lousy service. Give them their full 15%-20% tip in unrolled pennies. I have done that a few times. The result is much better service the next time I have that waiter or waitress.

[JB]

Granted that new pennies are only copper coated, but copper still has some marvelous properties.
One is called the oligodynamic action of copper. Some say it's bacteriocidal, in labs it is more bacteriostatic: it inhibits growth of some microorganisms.

So: for a relatively cheap floor that inhibits microbe growth, set your pennies in thinset mortor and grout the spaces in between for a slick floor that looks like a million bucks... or pennies.

[HID Kit]

Great topic.Previous commenters are missing the point: with a coinstar machine there IS NO FEE if you get a gift certificate, and since amazon.com sells pretty much everything in the world, and usually at competitive prices, you can put to use pretty quickly.