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What is a self-service coin counting machine?

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Quick Answer

A self-service coin counting machine collects coins in varying denominations and exchanges them for the equivalent value in paper money or gift cards. The machines automatically tally the total number of reach type of coin, excluding foreign currency, and do not require any contracts or personal information for most redemption options, as of 2015.

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Full Answer

Self-service coin counting machines allow users to view a selection of partner gift cards and promotional items before beginning the sorting process. Most machines offer paper gift card codes for the exact value of the coins the user deposits, sometimes with a minimum amount requirement or associated processing fees. Depending on the brand of machine and its location, it may also offer vouchers for use at the store that houses it. Many machines charge a processing fee to receive the value of the coins in paper money.

Many of these machines, such as the Coinstar machines that appear in local retail locations, feature systems that automatically count coins while sifting out any debris. If the machine fails to recognize a coin, such as with foreign currency, it dispenses it back out. The machines provide an alternative to visiting a bank; most banks require existing accounts for such services.

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