Hailey Johnson
During the COVID-19 pandemic, a national coin shortage caused disruptions in the US currency system. This resulted in banks being unable to fulfill cash-for-coins requests from people and businesses. While some banks may charge a fee for exchanging coins, certain banks and credit unions are willing to give you extra cash for your coins. For example, Gorham Savings Bank offers a percentage bonus for customers who bring in any change. Additionally, some banks have coin-counting machines available for customers to use, such as Hyperion Bank in Philadelphia.
| Characteristics | Values |
|---|---|
| Banks paying extra for coins | Community State Bank, Gorham Savings Bank, Quick Trip, Chase Bank, JBT, Manasquan Bank, Hyperion Bank, and some national banks and credit unions |
| Reasons for paying extra | Coin shortage, circulation disruption |
| Services offered | Coin-counting machines, free coin wrappers, fee waivers, bonus percentages |
| Conditions | Account holders only, limit on the amount of coins |
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What You'll Learn
Banks paying extra for coins due to coin shortages
During the COVID-19 pandemic, a national coin shortage caused disruptions at the most basic level of the U.S. currency system. Between 2020 and 2022, businesses that couldn't make change had to turn away cash transactions. Banks were so drastically low on supply that they couldn't fulfill cash-for-coins requests from people and businesses.
Some banks and credit unions are willing to give extra cash for coins. For example, Gorham Savings Bank offers a percentage bonus for customers who bring in any change. Community State Bank also paid community members $5 for every $100 in coins.
However, most banks do not have coin-counting machines for their customers anymore. Instead, they provide free coin wrappers for customers and non-customers. Some banks, such as Wells Fargo, will exchange rolled coins for customers without a fee.
If you have a large amount of coins, you can visit multiple branches of banks like Chase, which allow non-customers to exchange up to $200 in coins if they are in coin wrappers.
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Banks that offer free coin-counting machines
Major national banks no longer offer coin-counting machines, but local community banks and credit unions often do. Some banks may charge non-customers a fee for coin-cashing services while providing the same for their customers for free.
- Bank of America
- Wells Fargo
- U.S. Bank
- Citibank
- Capital One
- Chase
- Citizens Bank
- PNC Bank
- TD Bank
- SF Fire Credit Union
Some banks, like Community State Bank, have also been known to waive the charge for using coin-counting machines and even pay community members to bring in their coins. However, this program was suspended after a week.
If you are unable to find a bank with a coin-counting machine, you might find one at a grocery store or supermarket. Stores like QuikTrip also have free coin exchanges.
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Banks that offer coin wrappers for free
While most major national banks no longer offer coin-counting machines, local community banks and credit unions often do. These financial institutions are also more likely to provide better personal customer service. Some banks may charge a small fee for using the coin-counting machines, especially if you are a non-customer.
Banks provide free coin wrappers, but they may impose deposit limits or fees for non-customers. Most banks will provide customers with free coin wrappers, and it is recommended to get in touch with your bank to ask if they offer this service. Some banks that offer free coin wrappers include:
- Chase Bank: Allows non-customers to exchange up to $200 in coins as long as they are in coin wrappers.
- Bank of America
- Citibank
- Capital One
- PNC Bank
- TD Bank
It is worth noting that while banks provide free coin wrappers, not every bank will accept your rolled coins if you are a non-customer.
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Banks that accept rolled coins from non-customers
Most banks will accept rolled coins for deposit or exchange, regardless of whether you are a customer or not. However, non-customers may face deposit limits or fees unless they use multiple branches. Some banks may also charge a fee for coin-counting, especially if you are not a customer. This fee is usually a small percentage of the total amount of coins being deposited.
Some banks that accept rolled coins from non-customers include:
- Hyperion Bank in Philadelphia: This bank has a coin-counting machine that is free for customers and charges a 5% fee for non-customers.
- Wells Fargo: Wells Fargo will exchange rolled coins for non-customers without a fee and also offers free coin wrappers.
- JBT and Manasquan Bank: These banks have free coin-counting machines for customers. Non-customers may be able to use them for a fee, which is typically smaller than alternatives.
- Gorham Savings Bank: This bank is mentioned by an expert who spoke to Forbes as an example of a bank that gives out a percentage bonus to customers who bring in any change.
It is always best to call your local branch to confirm the availability of coin-counting machines and their policies on accepting rolled coins from non-customers.
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Banks that pay extra for rare coins
Banks do not usually deal in rare coins, and it is not common for them to buy or sell rolls of coins to customers. This is because they are profit-oriented institutions, and there is an additional cost involved in ordering coins from the Federal Reserve System.
However, there are some instances where banks have offered incentives for customers to bring in their coins. During a coin shortage in 2020, some banks were offering to pay community members to bring in their coins. One example is the Community State Bank, which offered $5 for every $100 in coins. Other banks may waive the fee for coin counting services, which can be as high as 10% of the value of the coins.
In terms of rare coins, it is possible to receive them from a bank, but this is very rare. Banks do not typically pull old or rare coins from circulation unless they are in poor condition. One example of a rare coin that may still be in circulation is the Eisenhower dollar, which is worth slightly more than one dollar.
If you are looking to acquire rare coins, your best bet is to go to a coin dealer or collector. It is also possible to buy rolls of coins from banks and sort through them, but this is unlikely to be profitable due to the time and effort involved.
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Frequently asked questions
Yes, during the coin shortage in 2020, a chain of banks paid customers extra for bringing in their loose change. Some banks even offered a percentage bonus for customers who brought in any change.
During the COVID-19 pandemic, there was a national coin shortage, which caused a disruption at the most basic level of the U.S. currency system. Local branches experienced a limited supply of coins and did not keep a surplus on site.
No, not all banks accept coins. Most banks will exchange cash for rolled coins as a courtesy to their customers, but some banks will refuse to accept unrolled coins.
