saving loose change (merged)

Biggles

digerati wrote: »

My dad has a large box of guineas he hoarded back when the UK was still on the gold standard. As a joke I tried to deposit them and NatWest counter staff refused to accept them as no one was old enough to recognize them as legal tender. I popped into a larger HSBC and they were happy to buy them at the gold value if I wanted to sell them.

Wouldn't you get far more from a coin dealer?

moonrakerz

digerati wrote: »

My dad has a large box of guineas he hoarded back when the UK was still on the gold standard. As a joke I tried to deposit them and NatWest counter staff refused to accept them as no one was old enough to recognize them as legal tender. I popped into a larger HSBC and they were happy to buy them at the gold value if I wanted to sell them.

You would have looked rather silly if the NatWest have taken the coins at face value - £1-05 each !!

Don't think your Dad would have been impressed either.

dreams_R_free

exel

Sorry you've had a few non-complimentary replies! I for one can see the logic in your coin-collection method. We all need a little extra something to help our resolve at some time or another I'd have thought.

Many congratulations on stopping smoking. I hope you've had some pleasure from spending the savings on something other than debts.:beer:

MarkyMarkD

krazykidskate wrote: »

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

1. Because the machines cost money.
2. Because change is a pain, not a benefit, to the banks - it's heavy and expensive to move around.

Do you realise that the banks charge businesses money to deposit coins, because they really don't want them?

moonrakerz

I was going to put another response to a post by digerati, but it seems to have disappeared from the thread ! Copy below.

Originally Posted by digerati View Post
My dad has a large box of guineas he hoarded back when the UK was still on the gold standard. As a joke I tried to deposit them and NatWest counter staff refused to accept them as no one was old enough to recognize them as legal tender. I popped into a larger HSBC and they were happy to buy them at the gold value if I wanted to sell them.

His Dad must have been a VERY wealthy little boy, Britain left the gold standard in 1931 !!!

hjd

MarkyMarkD wrote: »

1. Because the machines cost money.
2. Because change is a pain, not a benefit, to the banks - it's heavy and expensive to move around.

Do you realise that the banks charge businesses money to deposit coins, because they really don't want them?

Barclays in Woking have one of these machines to use and no charges for Barclays customers. Only thing is they only empty it once a week on Mondays so if you go in on Saturday it may be full and thus not accepting more coins....

alexalexalex

Callisto wrote: »

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.

Does anybody know how many bags Natwest will accept at once? I'm sure i remember going there once and trying to deposit a few bags only to be told you can only change 2 at a time and at the moment i have about 10 bags needing to be changed but most of it is in coppers so i cant be bothered to stand around in the queue for 20+ minutes just to change up a couple of pounds at a time
(will the post office let you change them up or do you need a business account for that?)

jennifernil

Our Halifax branches are happy to take coins deposited into personal accounts as long as you go to the "business banking" section. They weigh them to check the amounts and I try to have them bagged up correctly.

[Deleted User]

In many large supermarkets like my local ASDA in Greenwich,you'll find a Coinstar machine. They charge 8% commission for changing your coins. They do advertise this fact, but in a very clever manipulatively way. They phrase their commission charge like this: "We charge 8p in the £ for coins changed in this machine" making many people think, 8p rather than 8 %! I'd rather hold the queue up at the supermarket till for one or two minutes longer than deal with Coinstar. Alternatively you can go to your bank branch and change your coins but the drawback of this is you have to sort the coins out and have them bagged in exact amounts. Some bureaux de change also use this ruse, for example 10p in the £ exchanged so beware.

lamb7994

sorry
isn't 8p per pound the same as 8%?

say you cash in £10
8% is 80p
and
0.8 * 10 is 80p

So it's the same but i do under stand what you mean at first glance some people may misunderstand it.


James