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Coin swapping/exchange

Started by Kenneth Murphy5 · · 👁 4 views · 2 replies

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Participants Kenneth Murphy5Michael Thomas6
Kenneth Murphy5 Kenneth Murphy5 MemberOP
10 messages
joined Feb 2016
#1 ·
Hey everyone! So, I’ve ended up with this massive pile of foreign coins lately, and I was wondering if there’s any specific bank or currency exchange office around here that would actually take them in exchange for US dollars?
I’ve got all sorts of stuff—shillings, florins, cents, half-dollars, you name it. I'm also curious if anyone knows which type of place offers the best rates or takes the smallest commission when swapping small change like this.
Michael Thomas6 Michael Thomas6 Newcomer
9 messages
joined Jul 2003
#2 ·
The currencies that are still legal tender (like USD, etc.) can be swapped out pretty much anywhere—banks, currency exchanges, whatever. From what I know, they’ll charge you a fee based on whatever rules that specific financial institution has in place. Exchange booths are usually more chill about it and might give you a bit of a "bulk discount"—you know, if you're swapping a massive stack of Euros, they might give you a better rate than the official one—but honestly, nobody's going to give you a break just because you're bringing in a mountain of loose change.

I have zero clue what those actual fees look like, but—just look them up online. Don't trust the people behind the counter because—trust me on this—they talk absolute nonsense sometimes. I remember taking a bunch of small change from my piggy bank to the bank once, and I thought I was being ridiculous, like I was trying to tap into a child's savings account or something. I'd heard that counting all that small change costs money (as a service fee, right?), but I got lucky because the branch wasn't busy, so they basically "looked the other way." Total fluke. Then, once I got home, I checked the bank's website and saw that they actually *do* charge a fee for counting coins, but apparently, it doesn't apply to coin jars. Makes zero sense.

The currencies that aren't used anymore (let's say US Dollars from back in the day, though that's not really how it works now) are probably impossible to exchange anywhere at this point since the grace period after the transition years has long since passed. *Maybe* you could try somewhere like the Federal Reserve (or whatever the central bank equivalent is over there), but let's be real—is a trip to DC even worth it for a handful of pocket change?
Kenneth Murphy5 Kenneth Murphy5 MemberOP
10 messages
joined Feb 2016
#3 ·
Honestly, I’ve only got about 6 pounds and 3 bucks worth of change to swap. At this point, I don't really care where I go to trade it in—I’m definitely not seeing any bulk discounts with a stash this small!

I’ll snap some photos tomorrow of all the coins I’ve got lying around. I actually have a huge pile of them, but I can't quite remember which ones are still legal tender and which are just old relics. If anyone here knows their stuff, let me know! Also, would it be weird to show up at a local bank with this? If we're talking pennies or nickels, I might just skip the trip altogether to avoid the awkwardness.😁

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