Coinstar Machine vs. Coin Sorter: Which one is better?

You all know the green Coinstar machine at your nearest Albertson’s, Ralphs, or Vons supermarket. It’s really easy to use and it gives you the option of giving it to charity or cashing out. The problem is, Coinstar charges 8.9% for every dollar that’s sorted by the machine. If you feed the machine $10.00, then it takes 89 cents. Doesn’t seem like a big deal does it? Well if your going to give the machine that huge Arrowhead jug of coins you’ve been saving since you were 4 years old, you’re gonna feel the pinch.

The solution to this is to just simply use a coin sorter right? It’s not that easy. Those coin sorters may be at cheap prices, but you need to figure out how long you will use it for and how reliable the product is. Also, you still need to refill it with the paper wrappers that hold your dimes, nickels, pennies, and quarters. You can go on,,, and there should be other sites as well. They range from $16.00 to $200.00, so if you do this often you probably want to go with a better quality model to ensure that your machine will be good for years to come.

Well, let’s ask this question: How long will it take me to break even if I purchase a Coin Sorter?

Let’s do the math shall we? I know you hate me because i’m working your minds, but let’s say a decent machine is $50.00. This is very reasonable. (Dollar amount it takes to break even) * (8.9%) = $50.00. If you do all the algebra and crap it amounts to $561.80. So in order for that machine to be worth buying you need to at least feed the Coinstar machine $561.80 in coins. Do you use it that often? If you know you don’t and use Coinstar sparingly, then don’t bother. For those who throw change in a jar everyday, then investing in a Coin Sorter should be put into consideration. After all, after the $561.80 point, the coin sorter will pay for itself and you’ll never have to worry about that ugly fee ever again. Make sense? I hope this articles is of assistance to you, so good luck to you and put that money to good use!

P.S. If you want to change some numbers around in the formula because the figures vary depending on where you live, here you go:

Break-Even Amount = Price of Coin Sorter / Percent Charged for Using Coinstar Machine

Explore posts in the same categories: Financial Success

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