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What is a Coin Counting Jar?

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  • Written By: Tricia Ellis-Christensen
  • Edited By: O. Wallace
  • Last Modified Date: 09 November 2016
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    Conjecture Corporation
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A coin counting jar is an attractive option for people who don’t like to tally their coins by hand or with a calculator as they deposit them in a safe holding container. For some people, these jars have become the perfect solution to the more low-tech jars that many people keep for the storage of loose change. Even the piggy bank has been revamped with coin counting technology, so that people can have an attractive alternative to old-fashioned banks, which will give a digital readout on current savings.

Most coin counting jar styles read coins individually, and identify them by size. Those who have foreign currency may not always be pleased with the results, as some currency may be so similar in size to home-based coins that the coin reader is fooled by the it and will count inaccurately. People who travel to other countries may need to do a little pre-sorting so the sensing device on the jar reads properly.

There are some issues with most of the coin counting jar styles available. They may not account for deduction of money. If people remove a small amount of money, the only options could be to reset the reader and replace all coins in it, one by one. Some customers also complain of the reliability of certain brands and find they stop working after a while or stop counting after the jar reaches a certain dollar amount. Others really enjoy having these gadgets and find them reliable.

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Consumers in the market for one of these devices will find many coin counting jar types. They may be most available on the Internet, where stores like Amazon feature numerous kinds. As mentioned, there are those that differ from normal jar appearance and it’s possible to get several “piggy” style banks with counting technology. Price ranges, but many models are in the ballpark of approximately $20 US Dollars (USD).

Some people have suggest that even though the coin counting jar has the neat feature of tallying money, it may not be the most economical or money-saving device. There are many financial institutions that now charge for taking coins, and coin-counting machines like those produced by Coinstar® also take some of the profit away from savings. Many banks still don’t charge if people roll their coins, but it is true that any coin-counting machines are likely to remove a percentage of the money they count.

It’s been suggested that people should try using their change and saving dollars instead, as these are easier to deposit. Presently there are no dollar counting jars, but if the idea catches on, they might become popular in the future. Yet, the need to count dollars does diminish, since they are usually easier to handle than coins.

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Markerrag
Post 1

A reliable one of these can be great for those who like to save up coins and deposit them in a bank. Keep in mind that some banks will require one to still roll coins in coin wrappers before depositing them. However, it is great to know how much money you have in change as counting all of that can be a chore.

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