Exchanging foriegn coins Exchanging foriegn coins
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    Default Exchanging foriegn coins

    Here's a question for the masses.

    I have jars and jars of foreign coins, which if I send off to one of these Coinstars/or exchange companies they'll take those coins (including some old denominiation currency, or pre-Euro currency) & give me a price (which will probably be 10-20% below the actual coin value at currency prices). I'm Ok with that, I get it.

    What do they do with the coins?

    Is there one central bank that will take them? Do they have to ship them back to the country in origin and to a bank/mint etc when they have a shedload? Who takes old Pre-Euro Currency or old English Coins (the mint?)

    What is the end destination for these companies for them to be able to make money?
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    Personally I give that sort of stuff to charity.

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    Quote Originally Posted by MarillionFan View Post
    Here's a question for the masses.

    I have jars and jars of foreign coins, which if I send off to one of these Coinstars/or exchange companies they'll take those coins (including some old denominiation currency, or pre-Euro currency) & give me a price (which will probably be 10-20% below the actual coin value at currency prices). I'm Ok with that, I get it.

    What do they do with the coins?

    Is there one central bank that will take them? Do they have to ship them back to the country in origin and to a bank/mint etc when they have a shedload? Who takes old Pre-Euro Currency or old English Coins (the mint?)

    What is the end destination for these companies for them to be able to make money?
    They accrue them until a volume limit is reached then liquidate them. Older stuff I'm not sure though.

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    Quote Originally Posted by TheGreenBastard View Post
    They accrue them until a volume limit is reached then liquidate them. Older stuff I'm not sure though.
    Sorry answer is too vague.

    How, with whom and is it different for each currency?
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    This looks handy, will have to give it a try with some old coins I have

    Fourex | Foreign Currency Exchange | Coins & Notes Accepted

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    Quote Originally Posted by ladymuck View Post
    This looks handy, will have to give it a try with some old coins I have

    Fourex | Foreign Currency Exchange | Coins & Notes Accepted
    Yes, thats the machines they're rolling out. But where do they sell their currency?

    Is everyone on here really thick? Surely one of you knows how this works in detail
    What happens in General, stays in General.
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    I just give mine to charity. That's not "thick", or are you so morally bankrupt that you refuse to help anyone but yourself?
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    Pre Euro coins from Euro countries are not accepted anymore by national banks.So they have no value except scrap metal or collectors value Paper money I believe is still a few years possible to return to the national banks of euro countries

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    Quote Originally Posted by WTFH View Post
    I just give mine to charity. That's not "thick", or are you so morally bankrupt that you refuse to help anyone but yourself?
    ????

    You really are some kind of low grade moron.

    I'm asking about the process that the companies you give it to go through.
    What happens in General, stays in General.
    You know what they say about assumptions!

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    Quote Originally Posted by MarillionFan View Post
    Yes, thats the machines they're rolling out. But where do they sell their currency?

    Is everyone on here really thick? Surely one of you knows how this works in detail
    I honestly don't know. Some places I looked at require at least 5kg of coinage before they'll exchange it, implying that there is a need for decent volumes to make it viable.

    I suspect, and it's really only a hunch, that where the currency is still legal tender then the coins will be sold on to the country they came from. If it's no longer legal tender then coins in good condition will get sold on to collectors and the bashed up ones will end up being sold as scrap metal.

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