Where do you dump your coins on your travels?

Hi all, this is something I've wondered for quite some time.

Before travelling, I try to save money by buying still accepted coinage and banknotes for these countries at a discount, whether they still circulate or not, and take them back to their country and dump them for circulation. I try pulling out coins to keep for my collection, one of each variety, and avoid purchasing harder-to-find and UNC coins so other collectors can buy them. Some accumulations have amounted into the thousands, while other sums have only totaled into a 3 day car rental. Then, while in these countries, I buy coins to be taken back home (MX pesos and US coins) and repeat the process when flying back.

Some countries, like Colombia and Costa Rica, were very easy: take it to any store, especially a supermarket, and they will happily exchange all the coins and notes for you (in Costa Rica, some notes had to be exchanged at the central bank; old Colombian notes still widely circulate, and MX and US circulating coins were surprisingly common for purchase). Other countries, like Thailand, will exchange at the bank and charge a small fee; in Japan, a much larger fee based on coin count is charged (quite high for 1y and 5y coins, and my luggage had weighed 110kg), and I was able to exchange the old 100y and 500y notes amongst friends. However, some countries will flat-out refuse to exchange coins at all, or will ask you to head to a bank, which will also refuse the service unless you have an account with them. I'm planning this year to go to the UK, and I've heard different stories about dumping coins, especially old round pounds and 50p coins.

So I would like to know what is the best way to dump coins in your country to be circulated. Most answers I've heard have been anecdotes, and I'd like to see what you all recommend. Hopefully this answers can help others also. Thanks

Kenny

I didn't understand how you can "save money" this way, except for purchasing the currency by less than their face value or speculating on floating exchange rates.

Anyway, here in Brazil, I think any shopkeeper would be glad to exchange your circulating coins for banknotes or goods. Many Brazilians are not keen on carrying cash, specially coins, so it's common to shops (e.g. supermarkets, bakeries, subway/train stations, etc.) to encourage large payments with coins or exchanging coins for banknotes; in extreme cases they even offer discounts or gifts to clients that do so (example).

Almost all real coins/banknotes (since 1994) are fiat currency (except for this, that was demonetized due to forgeries), including non-circulating commemorative coins. Not even banks accept older currencies, though.

Quote: "leopiccionia"​I didn't understand how you can "save money" this way, except for purchasing the currency by less than their face value or speculating on floating exchange rates.
​

​That is exactly right, purchasing the coins at less than their exchange rate - I once did the same thing.. We all know that some people, common all over the world, try to get out of paying money by using foreign coins - in this case, in parking meters. Our city would take bids on huge bags of foreign coins found in different machines to recoup some of the "losses". My local coin store bought these a number of times to stock up the bargain bin, selling 5 for $1. (Of course he would keep the big value coins that found their way in to the bag - 1 and 2 Euro coins, UK pound coins, Swiss 5 francs, I even saw him pull out a couple big 500 yen coins). He let me buy as many UK 10 pence coins as I wanted at par value - 10 pence for 10 Canadian cents, when the value at the time was 18.5 cents per coin.

I didn't buy a huge amount knowing I'd eventually have to transport them (luggage <100kg in the OP's post?? - wow!), but I started at 85% profit. When I left on the trip, the exchange rate dropped to 65% above. I bought £100 face value, paid $100 CAD. Though I lost 10% of face value to a fee, I still had £90. Considering the $100 CAD I had paid was now worth £60, that extra (and free) £30 bought a wonderful, interesting evening walking tour for two, and still a bit leftover for a pint and plate of chips at the pub..

But it's funny KennyG brought up this topic - I was just going to do the same thing! (but my question would have been more specific, such as "are there Coinstar machines at Heathrow Airport and if so, what percentage is the fee?" )

Quote: "darcyrmt"​But it's funny KennyG brought up this topic - I was just going to do the same thing! (but my question would have been more specific, such as "are there Coinstar machines at Heathrow Airport and if so, what percentage is the fee?" )

​The U.K. Coinstar fees are 10.9% so if you dump £100.00 worth of current U.K. coinage into it, you would lose £10.90. Coinstars are commonly found in Shopping centres and supermarkets. There are two in my local Sainsbury's and Morrisons.

Quote: "KennyG"​I'm planning this year to go to the UK, and I've heard different stories about dumping coins, especially old round pounds and 50p coins.

So I would like to know what is the best way to dump coins in your country to be circulated. Most answers I've heard have been anecdotes, and I'd like to see what you all recommend. Hopefully this answers can help others also. Thanks

Kenny

Most banks and post offices still accept round pounds but you are unable to spent them in shops since 2017.

Theoretically it might be possible to exchange older coins but from over 2 years of asking for them I still yet to find any. You might as well send them to Leftover currency.

Finally for current U.K. coins you would need to sort them by denomination and fill them in bags like this:

Current U.K. coins.

• 1971-1991 bronze pennies.
  
• 1992-now bronze plated steel 1ps.
  
• 1971-1991 and 1998 bronze 2ps.
  
• 1992- now 2ps.
  
• 1990-2010 copper-nickel 5ps.
  
• 2011-now plated steel 5ps.
  
• 1992-2010 copper nickel 10ps.
  
• 2011-now plated steel 10ps.
  
• 1982-now 20ps.
  
• 1997-now 50ps.
  
• 2016-now bimetallic pound coins.
  
• 1997-now bimetallic 2 pound coins.
  

I hope this helps.
M

Hi all, love the responses. So to explain more concisely, I purchase current coinage at a discounted price and bring it back to their home country. Originally I used to buy coins solely to collect, but then I found out how often many high face value coins are found in "poundage" (coins in buckets sold by the pound, or individually), in particular Canadian $1 & $2 and Japanese 100y. When buying by weight, the purchase cost of the coin versus the circulating value is significantly lower, so I would buy these random circulating coins and sell at 60-75%. Then I realized that there are others hotheads like me who do this, so I started trading with them. So countries I had little use for (Caribbean countries, incredibly common here) or even popular ones like euros I'd trade for pesos and cross them back over (keeping the UNCs and scarce commems for my collection), and cash them all in, sometimes totalling in the thousands of dollars. For many it's the extra cash to be made but for me it buys the groceries and coffee here in MX.

So where in your country is the best place to cash these coins in? Preferably without bothering anyone, especially your travel companions, and paying no fees.

But more importantly, for me at least, is that these coins will at some point become worthless, like the pre-Euro currencies, so I personally enjoy taking these coins back, or at least trading them with someone who can use them, before they become valueless common uncollectable weight forever. It unexplainably feels good doing it. For example I did this when travelling to Spain; I bought 100 & 500 pesetas, heck, even the little 1 and 2 peseta coins, brought them to the central bank, and redeemed them for full value before they became completely obsolete. I ended up amassing yet another hoard of pesetas totalling some $400 before having to sell it in 2020 to someone who could make use of them.

In fact, when I went to Colombia last year, I had not brought enough luggage to buy coins. And the coin shops there have tons upon tons of coins and paper money waiting to be exchanged. I couldn't even bother with coins from other countries and focused mostly on MX peso and US dollar coins, and paper currency (and some collectable coins too ofc).

Last comment, one of my friends had accumulated US$4000 in Brazilian reais in 1 and 50c COINS before having to sell them off for 65% as the cost of inflation was becoming a risk.

I remember Australia in the late 2000s was anti change, tried to pay for cheap breakfast with coins at some Italo/Arab cafe in Melbourne and nearly got knocked out, had to go to a bank which charged 20% change up fee for $30 dollars worth of 5 to 50c coins.

In Australia and New Zealand, its easy to get rid off your $1 and $2 coins in vending machines. Australia you use your $2 to release a trolley at supermarkets (It is released when you return it - stops the stealing and dump of them). You can also launder your $1 coins into the pokies ($2 coins in NZ, although their slots are changing to notes only now).

Europe was easy - all Euros and easy to spend everywhere, did get scammed on ferry to UK in 2014, by putting some euro coinage into a machine that changed it to £. Realised it was only paying 26p per € which was like about 40% of the exchange rate. My partner nearly killed me, 23€ got me like £6.70 or something, could have got like £14. Then again this is the same company that sacked its employees via a text message!

Word to the wise don't use the change machines on the Channel ferries, use up your Euro coinage and/or note it up so you can change it in a bank.

Also found in Europe, breaking notes over €50 is hard and they generally don't use the 1 and 2 cent coins now. In a Swiss McDonalds saw a sign saying "nein grossen banknote" and it showed a slashed circle through 200 and 1000 CHF and €200 and €500 notes.

Samoa was different, they are poor over there and had no problem spending any of their coins from 2 tala down to 10 sene (A tala is around 55 NZ cents). Most of their 5, 10 and 20 tala notes were very used and dirty and you seldom saw 50 and 100 except on tourists. Word to the wise do not use 50s and 100s at the markets or village shops as they can't change them, downtown Apia and the resorts are fine. If anything the 1 and 2 tala coins get the most use along with the 5 tala note.

Often the vendors have Aprons full of notes from 20 tala down if you are lucky, a 100 tala note will annoy them as it will clean their change out. The average bunch of bananas or a coconut may only cost 1 or 2 tala and some people may buy like 50 sene worth of cooking oil or a single taro for a few sene.

For those coming to New Zealand

For purchases over $20 - Credit cards or eftpos (Local debit card preferred).

Cash money gets little use except at local shops and in low income suburbs.

Legal tender coinage

10c - Copper steel coins from 2006 onwards
20c - Nickel steel coins from 2006 onwards
50c - Nickel steel coins from 2006 onwards
These coins only legal tender up to groups of $5, larger amounts can be changed at banks usually a 10 - 20% handling fee unless a local customer (So Australian Westpac and ANZ customers will charged the fee by NZ Westpac and ANZ bank branches)

$1 and $2 Aluminium brass coins back to 1990 - referred to as "Gold coins"
Acceptable in amounts up to $20, although the acceptance of larger amounts of coins is at the discretion of the receivee, they must accept up to $20 worth of (Gold $1 and $2)

Banknotes.

$5, $10, $20, $50 and $100 all are acceptable of the Polymer type.
These are Type 6 (1999 - 2015) and Type 7 (2016 - now)

Type 6 do not have "Te Putenga Matua Aotearoa" on them, Type 7 do, although Type 6 are slowly but surely disappearing.

You will have no problem spending up to and including the $20 note and some places are okay with the $50 as ATMS dispense them now, but the $100 will gather dirty looks if you don't look like a millionaire - as they are commonly laundered and used in drug and crime rings.

Also people here frown on using big notes for tiny purchases (eg, a $50 or $100 for a $2 purchase) and will look at big notes through a scanner - if they do, please do not get offended, forgery is a problem here.