saving loose change (merged)

MarkyMarkD

I really cannot understand why people hoard ridiculous amounts of coinage.

As ejones999 says, it just results in loss of interest and inconvenience for yourself and others when it comes to banking the money.

Exel's case is even sillier - if you are saving the money you saved by not smoking, there was no reason to collect it in coins! Surely you would have spent over £5 a week on fags and could have collected the notes, not the coins. D'oh!

moonrakerz

On the subject of "Legal Tender", two points:

1. Biggles is correct saying that 'legal tender' is not relevant in this case - the term only has meaning when applied to the settlement of a debt.

2. There was a case a while back (in Scotland admittedly, but I believe 'legal tender' has the same meaning there) where a man was in a long standing dispute with his local council. He eventually tried to pay what they said he owed them, but the Council refused to accept it as it was 'not legal tender'. (May have all been in pennies or something)
The case then went to Court where the Sheriff ruled that the Council had to accept anything that was generally classed as "money".

richt71

Many sainsbury's have coin counting machines where you can place coins...they get bagged for you and sainsburys charge a small amount for the service but I believe they state some goes to charity. I'm trying to remember as I did it for the first time about 8 months ago!

JohalaReewi

See also...

http://forums.moneysavingexpert.com/showthread.html?t=118223

Hapless_2

richt71 wrote: »

Many sainsbury's have coin counting machines where you can place coins...they get bagged for you and sainsburys charge a small amount for the service but I believe they state some goes to charity. I'm trying to remember as I did it for the first time about 8 months ago!

Is that the coinstar machines? they give you a little chit which can then either be exchanged for cash or used to pay for your shopping. Iknow the sainsburys in Eastbourne has one and the small sainsburys in Exeter has one. I wish more places had one, halifax reserve the right to refuse more than 3 bags of change paid in.
I usually take mine to the post office.

exel1966

MarkyMarkD wrote: »

I really cannot understand why people hoard ridiculous amounts of coinage.

As ejones999 says, it just results in loss of interest and inconvenience for yourself and others when it comes to banking the money.

Exel's case is even sillier - if you are saving the money you saved by not smoking, there was no reason to collect it in coins! Surely you would have spent over £5 a week on fags and could have collected the notes, not the coins. D'oh!

Nothing silly about it whatsoever !! Yes it lost interest, but that wasn't the priority at the time. Physically watching the amount grow and giving me the inspiration to quit was !!
Ejones never said it inconvenienced anybody !! Read it again. To say it caused inconvenience to others is utter rubbish. I enjoyed sorting it not knowing how much was there. I pre-arranged a visit to the bank NOT to inconvenience others and the bank were very happy to take it deposited into my account.

We all do things differently for our own reasons ! I expect some of the things you do are silly to me but I don't knock you for it !! Had I NOT successfully quit it wouldhave cost me a damn sight more than a few quid lost interest !!

Hitch

Most of the supermarkets have coin sorters.
Take the tins down there, work it all into the machine, then it will give you a voucher. Just use this to buy your shopping, and the money normally you have spent will stay in your bank.

I believe there is a small percentage taken, but might be cheaper than numerous trips to the bank!

Callisto

Some banks will only accept so many bags of change per day, so you can either take 3 or 4 bags with you each time you visit the high street or take them all at a quiet time and see if the bank staff will accept them all at once.

My OH regularly saves all his loose change in a tin and counts and bags it up when it gets full (about 60 pounds worth) and the local shop swaps it into notes for him, as they are always asking for change.

I wouldn't use the supermarket coin sorters personally, as they take around 7% of the total amount.

krazykidskate

I don't see why banks don't have these Coinstar type machines in their branches for customers to use free of charge.

richt71

Hapless wrote: »

Is that the coinstar machines? they give you a little chit which can then either be exchanged for cash or used to pay for your shopping. Iknow the sainsburys in Eastbourne has one and the small sainsburys in Exeter has one. I wish more places had one, halifax reserve the right to refuse more than 3 bags of change paid in.
I usually take mine to the post office.

Yes that's it! :T
Was trying to remember how it worked! lol