What to do with savings of 20 cent, 10 cent & 5 cent coins?

If you are like Jhon and I, who loves to collect coins to save money, then you probably have the same problem especially when you collect denominations of 20 cents, 10 cents and 5 cents. Initially, we always collected only $1 coins and 50 cent coins but ever since the uncle who picks people up for lunch stopped (50 cents per trip), Jhon had plenty of other coins in excess.

We usually deposit the coins through the DBS Coin Deposit Machine but it has a deposit fee of S$0.012 per piece, and total fee rounded to the nearest one cent. Imagine depositing $500 worth of 10 cents or even 5 cent coins!

So I decided to find out and share other ways to handle the coins.

Coin deposit service from The Singapore Mint 

Instead of depositing via a bank, you can deposit coins via The Singapore Mint. They waive the first 1000 pcs of coins and after which $5.35 per 1000 pcs. It is basically cheaper than the bank. The only catch is that you have to wait about 2 weeks to get your money.
They also have a schedule of coin deposit machines at community centres where they have the machines at 5 different community centres every month. Check out the locations by clicking this link.

"You can now deposit your unused circulation coins (second & third series coins only) using our self-service coin deposit machine located at the Singapore Mint headquarters or Orchard Central outlet, or at any one of the community centres listed below.  

Coin deposit fee will be waived for the first 1,000 pieces of coins deposited per person per day. After which, there is a nominal deposit fee of $5.35 per 1,000 pieces (or part-there-of). The amount deposited will be credited into your designated bank account within 14 working days."


Convert your 20 cents and 10 cents to higher denominations.

Okay, this is like cheap thrill for me because it's like playing slots or Jackpot. Put in 20 cents and/or 10 cents into a vending machine, resist temptation to buy something and press reject. If your odds are with you, you will get two 50 cent coins or one $1 coin in return and with that, you just decrease the number of pieces to deposit into your bank.


BUT! If you tend to use the older machines, it MAY 'eat' your coins. Anyways, don't go crazy on this one because after all, vending machines has probably certain amount of 50 cent or $1 coin to spare. The trick is to visit random vending machines once in a while.

Donate your 5 cent coins.

Unfortunately, 5 cent coins tend to have a bad reputation. Some vendors refuse to accept 5 cent coins. For example $2.20 and you pay $2 note with four 5 cent coins although under MAS regulations,

"Under the Currency Act, retailers must accept payment in any denomination within the legal tender limits.  For 5-cent coins, the legal tender limit is $2.  If retailers do not wish to accept a particular denomination of currency notes or coins, they should display notices prominently at their premises. This is stated in the Currency Act. "

So to avoid all this hoo-hah, you can just donate it away. No drama and get blessings. =P
There are some shops like Indian (mama) food place or McDonalds that have donation boxes/ tin where you can donate your lose change. Now, before you get all gung ho and want to donate $10 worth of 5 cent coins, chill okay? Don't be rude. Put in the coins bit by bit and not always at the same shop.

Coin Crafts

For those who love craft works, you can make artworks make from coins. Before you start though, keep in mind that under the Currency Act, a person who mutilates or destroys any Singapore dollar notes or coins may be fined up to $2,000. So don't pandai-pandai (be a smart alec) and attempt at making coin necklace or rings like other countries okay?

But check these out!

[The Crafted Sparrow]

[DIY Supplies]

[Vitamin-Ha]

They make lovely deco or gifts!

I hope this post helps some of my fellow coin savers!


   

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