Coinstar, LLC is a company that runs coin-cashing machines in the United States, Canada, the United Kingdom, Ireland, and Puerto Rico. It is headquartered in Bellevue, Washington. The machines allow customers to cash in coins in exchange for dollar bills.
They are mostly located in grocery stores, supermarkets, drug stores, banks and other retail locations. Coinstar has managed to process more than 350 billion coins since its inception 29 years ago. It charges an average transaction fee of about $38. Customers have the option of cashing out, putting their money onto a gift card or donating it to charity.
What time does Coinstar open?
Is Coinstar open today? Is Coinstar open tomorrow?
Is Coinstar open on Sunday? Yes, it is open
Coinstar closing time
What time does Coinstar close? Usually, it operates 24 hours
Coinstar was first established in 1991 as Coinstar, Inc. The idea was brought forth by Jens Molbak, a business graduate student at Stanford University. On realizing that his jar of coins had real value, he set out to establish a service that could help coin keepers turn their coins into dollar bills.
He decided to turn his idea into a school project. After interviewing 1,500 people, he discovered that every three out four had coins hoarded at home. This translated to about $30 that sat unused at any one given time. As a result, Molbak estimated that Americans had about $8 billion worth of change hoarded in jars.
It took him a couple of years to raise enough capital to start his business.
By 1992, Coinstar machines were already operating in four supermarkets in San Francisco. Three years later, these machines had grown to 263. The company had 900 units in 18 states the following year. The largest number of machines was found in Los Angeles where 347 machines processed $5,000 every week and gave out vouchers worth $4,625.
Thanks to a loan of $63 million that Coinstar had secured, it was able to spread out 3,000 machines across 23 states by the end of 1996. Its exponential growth continued throughout the years despite losses experienced in the mid- to late 1990s. Its company name was changed to Outerwall in 2013.
Coinstar Holiday Hours – Open
|January 21||Martin Luther King Jr. Day|
|February 14||Valentine’s Day|
|February 18||President’s Day|
|March 5||Mardi Gras Fat Tuesday|
|March 17||St. Patrick’s Day|
|April 19||Good Friday|
|April 21||Easter Sunday|
|April 22||Easter Monday|
|May 5||Cinco de Mayo|
|May 27||Memorial Day|
|July 04||Independence Day|
|September 02||Labor Day|
|June 16||Father’s Day|
|May 12||Mother’s Day|
|October 14||Columbus Day|
|November 11||Veterans Day|
|November 28||Thanksgiving Day|
|November 29||Black Friday|
|December 24||Christmas Eve|
|December 25||Christmas Day|
|December 26||Day after Christmas|
|December 31||New Year’s Eve|
|January 01||New Year’s Day|
Coinstar near me
Coinstar store locator
To process coins, customers pour their loose change into a Coinstar machine. Machines located in the United States accept all denominations of coins except Eisenhower dollars and 1943 steel cents. Once the counting is done, the machine dishes out a voucher that the user can redeem at a designated business premise that provides the current face value for the coin-counting service.
The same style of operation is adopted in Great Britain, Canada, Puerto Rico, and Ireland. Fees deducted differ from region to region. Users are charged a processing fee of 11.9% of the total coins counted in the USA, 8.7% in Ireland, 10.9% in the UK, and 11.9% in Canada. Some stores are known to subsidize rates.
Outerwall once offered to cash in pennies worth 1.3 million from Edmond Knowles of Flomaton, Alabama. This was after his bank refused to do the same for him. Outerwall sent an armored truck to his home. It sank in the mud in his yard after being overloaded with 4.5 tons of coins. It was later rescued by a tow truck.
Coinstar has for the last three decades provided a reliable, accurate, and convenient way for users to exchange their loose change for cash, a charitable donation, or a NO FEE eGift Card. This has made it one of the sort-after companies for the service worldwide.