Yahoo Finance Are You Missing Out on Money by Stashing Away Coins? Here’s How Much Extra You Could Save
You’re probably familiar with the expression, “there’s gold in them there hills.” But did you know that there might be gold — or at least, a healthy chunk of change — in your couch cushions? Or your pockets? Or on the floor of your car? Anywhere you’ve left behind spare change could be an unexpected gold mine of quick cash.
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And if you should find any rare or vintage coins? Then you’re looking at an even bigger haul, potentially. Whether you find enough in garden-variety quarters to pay for your next latte or stumble across a unique coin that could net you hundreds, if not thousands, of dollars, you don’t want to be among the many Americans leaving a lot of money between the seats.
Millions of Dollars Sent Out With the Trash
In a recent article for the Wall Street Journal, writer Oyin Adedoyin wondered about the fate of the many coins that end up unclaimed and unused each year. She found that a large number of coins are actually rescued at the last minute from being trash.
While it’s hard to imagine anyone throwing money away, Adedoyin shared that the occurrence is so common that certain companies within waste management, like Reworld, are devoting parts of their practice to addressing loose change. Starting her piece off with a description of workers sorting metals like coins away from other trash, she shared a startling piece of information:
“Americans toss as much as $68 million worth of change each year, according to Reworld. The sustainable-waste processing company is on a treasure-hunt to find it. The company says that in the seven years since it started the effort, it has collected at least $10 million worth of coins.”
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Coins Are Becoming Obsolete
How exactly has so much money ended up inches away from the jaws of the trash compactor? In part because the places and services that used to rely heavily on coins, such as bus transit, laundromats, toll booths and parking meters have caught up with the 21st century — now taking credit and debit cards, as well as mobile payments.
“Coins are as good as junk for many Americans,” Adedoyin stated bluntly. “Using any form of physical currency has become more of an annoyance, but change is often more trouble than it is worth to carry around. The U.S. quarter had roughly the buying power in 1980 that a dollar has today.”
According to the Federal Reserve, coin circulation reached significant lows during the height of the COVID-19 pandemic. In a web post about the supposed coin shortage, the Federal Reserve shared that more than half of coins in the U.S. are actually sitting in people’s coin jars, at home. So, maybe it’s time to open that piggy bank and count your change. You might be surprised by what you find.
Don’t Let Rare Coins Meet a Common Fate
As the managing partner and director of World Coins at Gold Hill Coin, Clark Smith, Jr. is unfortunately not surprised by the concept of valuable coins being tossed away. He shared that workers from 1-800-GOT-JUNK will come to the shop with gold and silver coins that clients have simply put in the junk pile.
He added that it’s also not uncommon for banks to contact his coin shop after having found silver quarters, dimes and half dollars that people have deposited without bothering to actually look at what they have in their hands.
“Each silver half-dollar deposited gets 50 cents to your account, but the silver value is $10 per coin. If you put 50 coins in the bank, you passed on about $500 in silver value,” he said. “A quick call to your local coin dealer can save you hundreds or thousands.”
Smith added that in the age of eBay, there’s no reason why you can’t conduct your own research online to determine if that interesting-looking coin in your pile is worthwhile. At the end of the day, you can always pick up a phone and call your local coin dealer as well.
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This article originally appeared on GOBankingRates.com: Are You Missing Out on Money by Stashing Away Coins? Here’s How Much Extra You Could Save
