Understanding Coinstar
Coinstar is a convenient and fast way to turn coins into cash or gift cards. To use a Coinstar machine, first make sure your coins are clean and dry. Then add your coins to the tray. You can choose to get cash, which has an 11.9% fee, or a gift card with no fee. The machine counts your coins and prints out a voucher for the amount.
Coinstar’s History
Coinstar was founded in 1991 by Jens Molbak as “Pac Rim Exchange,” originally operating as a traditional foreign currency exchange business. He began developing the self-service coin counting machines that became Coinstar’s signature product.
Alternatives to Using Coinstar
There are ways to cash in your change without the Coinstar fee. Most credit unions and banks accept rolled coins. You can also ask around locally where coin counting machines are available for public use without fees. Additionally, some Tesco locations have Coinstar machines on-site that charge smaller fees.
Coinstar machines also offer the option to donate coins to charity or choose cryptocurrency as an option for converting your change. When considering large collections of coins, plan ahead and possibly use a cart to transport them to the machine.
Frequently Asked Questions
Will Coinstar give quarters?
Coinstar does not give out quarters. Their machines are designed to accept your loose change and provide you with a cash voucher or a no-fee e-gift card for participating retailers which include options such as AMC Theatres and Amazon.
To avoid the service fee, you can opt to receive a no-fee e-gift card by following the same steps required for a cash transaction. Review the list of participating merchants to ensure that you can use the e-gift card at locations that are convenient for you.