Loose Change

The average American family has about $90 of loose change lying around the house, according to Coinstar. So I tried to figure out how much that might be, as we have waaaay more loose change than the average family. We've got bags of quarters, dimes, nickels and pennies stashed in various places around the house. Why? We just didn't quite know what to do with it.

So I did a little research (note: these are close approximations). Here's what I found.

-5 lbs. of quarters equal $100.
-22 lbs. of nickels equal $100.
-60.5 lbs. of pennies equal $100.

So, I dragged bags of change into my son's room (where there is the only scale. Figures, as he's the only one that doesn't need to lose weight). I weighed the bags separately, and added them all up. Even I was shocked. We had 60 lbs. of coins. At least half are quarters. So that's at least $600 in quarters alone! I figure that the remaining 30 or so pounds will add up to about $100.

So now what?

I asked my personal bank, US Bank, if they'd count it. They said they would, but only at a main branch, and that it would take a week or two to count and verify, before being added to my account. And, they'll do it without a fee. However, I still have to lug it over there. If you'd like to do this, be sure that you check with your own bank: many banks will not accept loose change, or will charge a fee.

Coinstar, mentioned above, offers convenient change exchange with a couple of catches. First, they are easy to find: you'll find them at most local supermarkets, and their website has an easy search feature. However, it's not really possible to get straight cash: if you convert at a supermarket, for example, they'll change you 8.9 cents per dollar. You'll then receive a voucher that you can use at that establishment. They'll count your change for free if you exchange them for a gift card of the same amount. Amazon, Borders, ITunes, CVS, are just a few of the gift cards that you can get.

I'm still deciding. Anyone have any better suggestions?