Most efficient way of converting £750 in coins to cash?

Mick-H

My mate took my bottle to natwest where he bank's put it through in to his account then transferred to mine.
All done in the day £1543, happy chappy.

pavane

jamei305 wrote: »

They're no longer worth anything at face value, just whatever anyone is prepared to pay for them. ebay?

Incorrect. They are always worth face value even when they cease to be legal tender. Shops or even some commercial banks may no longer accept them but at least BoE will always accept them from 1980 or 1880 doesn't matter. Incorrectly stating "facts" on this forum needs to stop.

jamei305

pavane wrote: »

Incorrect. They are always worth face value even when they cease to be legal tender. Shops or even some commercial banks may no longer accept them but at least BoE will always accept them from 1980 or 1880 doesn't matter. Incorrectly stating "facts" on this forum needs to stop.

Nope, the BoE only accept notes. Some banks may take old coins but it's a goodwill gesture only and there is no right to redeem them in perpetuity as is the case with notes.

atush

jamei305 wrote: »

If you have an HSBC account they have coin deposit machines in some branches where you can just chuck the lot in and it will count them for you and credit to your account. I think Metro bank might have a similar facility. I would avoid the machines in supermarkets that take a hefty percentage fee.

Coin Machines are deceptive. on purpose or by accident i dont know. But in a random study, 20+ machines tested gave less than the number of coins deposited.

happyandcontented

Is it worth opening an account to use the facility at a specific bank?

pb3

OP Again. Thank you everyone for the responses so far. I really appreciate them.

I will do a count up of the coins to figure out how many of each denomination I have and then visit my bank (Satander) to get an appropriate number of coin bags.

Now that i think about it, I would imagine that the owners of the supermarket kiosks do eactly the same thing :rotfl:

Owain_Moneysaver

A lot of banks waive coin deposit limits for children's piggybanks. ("I was a child when I started it"...)

Sorting and counting the money would be a fun activity for children at christmas-time.

If they're the mercenary sort of child, offer them 5%. You'll still be better off than using the supermarket machines.

cisamcgu

HHarry wrote: »

But there may be a limit to how many bags you can take at one time - with Lloyds it’s £10 worth.

12% or 75 trips to the bank?!

I took £1090 in bagged £1 coins to Lloyds about 3 years ago, they didn't bat an eye lid

HHarry

cisamcgu wrote: »

I took £1090 in bagged £1 coins to Lloyds about 3 years ago, they didn't bat an eye lid

That’s because they changed the policy 2 years ago.

It’s a 10 bag limit (not £10 as I originally said) for retail customers, no limit for business customers.

Although I’m sure some branches are more flexible.

suki1964

I know its not money saving but life isn't always about money, time is even more precious , I'd use the coin machine and suck up the 12%

Way I look at it its going to take a good few hours going to the bank, getting the bags, counting out, bagging up, going back and forth to the bank to deposit it all

I no longer save the small stuff for myself, I take it and donate it to a charity. Smallest I save is 20ps in a brandy bottle, fill it twice a year, £170 a time and the pub takes it.