On the Accuracy of CoinStar

Written by nickel - 8 Comments

According to an article that a reader pointed out in the comments to my earlier post on using CoinStar for free, CoinStar coin-counting machines aren’t necessarily accurate, but at least they’re not biased… Based on a survey of five different machines at five different locations, the machines were spot on three times, overcounted by a dime once, and undercounted by a nickel in the final test (out of $17.50 in actual change fed into the machine). All in all, I’d have to say that these results would be close enough for me… My main quibble with CoinStar is that I’m not interested in giving them close to 10% of what I feed into the machine (although, as I’ve noted before, you can get around the fees by opting for a gift card from a participating merchant).

Published on February 16th, 2006 - 8 Comments
Filed under: Miscellany
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Comments (scroll down to add your own):

Good machines.
I still handle it the old fashioned way: I try to spend my coins even if I have to pay $5 in quarters. Most clerks need coins anyway.

And I roll up any remaining coins myself and bring them to the bank. I guess I just love counting money.
Comment by Jose — Feb 16th 2006 @ 12:42 pm
I generally don’t pay in cash so I have fewer coins than most. And if I do, I try to give the cashier exact change. Since I still have to hoard quarters for the laundry machines in my building and the parking meters when I go out, I don’t find Coinstar to be appealing.

I just looked at their website. The only thing that would make sense for me to get from their gift cards is Starbucks. And I’m not sure I’ve got enough in change to buy one latte there!
Comment by mapgirl — Feb 16th 2006 @ 6:19 pm
Hey, honestly you dont have to get a gift card or pay the coinstar fee. Local banks let you use these machines for free, notably Commerce Bank, which has had locations popping up all around me in the northeast. You just use it for free, absolutely no strings attached. You don’t even need to be an account holder.

Cas is a much better option than gift cards.
Comment by Damian — Feb 21st 2006 @ 3:42 pm
Personally, I want to buy songs from iTunes. If I were to use coinstar, I would be able to get the certificate right away and be able to cash it in iTunes immediately. Coinstar is a good idea for anyone who hates loose change. Coinstar is a bad idea for anyone who is a real penny pitcher. The Amazon card is the best deals in my oppinion. You do not get the 10% discount, and you can get almost anything from Amazon.com
Comment by Mike — Oct 28th 2006 @ 10:26 pm
I usually use paper when I buy something. I pocket the change and will use paper on my next purchase, even if I have some change in my pocket. I empty my pockets each night into 4 plastic containers.

When they get full, that’s my “mad” money. I once used frequent flier miles, loyalty hotel points and spare change to take my kids to California.

I know that doing so is losing interest, dividends and whatever gain investing could get me. But, I’m much more likely to spend this “mad” money and enjoy myself (I also invest heavily on my 401, brokerage and 529)

I used to roll my own and carry the rolls to my Citibank branch They didn’t and still don’t, have coin counters available for customers (one of the many minor reasons for me looking elsewhere - after 12 years).

Chevy Chase has a free, no obligation, coin counter. I’ve yet to use it, but I’ll be heading there soon.
Comment by WearyTraveler — Oct 29th 2006 @ 11:43 am
I just had a coinstar machine undercount me by at least $6! It failed to count most of the dollar coins that I KNOW I put in.
Comment by Mark — Jan 13th 2007 @ 12:18 pm
I don’t if there are any near you, but some Chevy Chase bank branches have coin counting machines that you can use without charge. You take the receipt from the machine up to the counter, and they give you cash.
Comment by Alys — Feb 20th 2007 @ 1:51 am