Putting the coins away

Discussion in Savings & Investments Plans started by Peninha • Apr 6, 2014.

  1. Peninha

    PeninhaWell-Known Member

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    Actually I don't fancy small coins at all, it's just too much work to count them and we make a huge volume and no money, so I prefer to put aside all coins or else when I need them I get a huge volume worth of nothing.
     
  2. DancingLady

    DancingLadyActive Member

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    I have been doing this for a while. I have two pickle jars almost completely full of change now. I am hoping that when the time comes for me to buy my first pair of pointe shoes, that there will be about that much money in those jar. Hopefully the bank I usually go to doesn't have a problem with converting large amounts of coins into paper, or just depositing. I have wondered about that, I heard not all banks have a coin counter.
     
  3. owesem75

    owesem75Active Member

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    In my country, we have a law that discourages us to do it. Unless you are teaching your kids how to save or you are keeping a numismatic collection.. coins are important to be circulated. It creates a healthy economy. Uncollected loose changes could become a big amount when accumulated and it will create a big discrepancy in the accounting/auditing and surely gives your accountant a terrible headache tracing it back. In some shopping centers, I encountered some cashiers asking shoppers to have it donated to a charitable institutions and yes, you will find it printed on your tape receipt. This way, they get away with the accumulation of uncollected loose changes.
     
  4. Peninha

    PeninhaWell-Known Member

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    Wow, I am impressed by that owesem, in what country are you? I have a hard time understanding why would there be a law in a country discouraging (what does this mean exactly) people from collecting coins? Either cases, I don't have that many! :D
     
  5. Pat

    PatWell-Known Member

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    One year we used a large wine bottle to collect the coins and used the money as the kids christmas gift money, what ever was the total in the bottle they got to use to do their christmas shopping it came to more than $80. It was funn for them.
     
  6. owesem75

    owesem75Active Member

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    Hi Peninha, I am from the philippines. Here are some of the links that will lead you the reasons why a legislation was held to create a law penalizing hoarding of coins and making it as a form of economic sabotage:

    Link 1:

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    - this was in 2010 and the Central Bank was pleading to not to hoard coins.

    Link 2:

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    - this will show you the period where legislation was being held.

    unfortunately, link number 3 should be link to the copy of the law surrounding it.. but unfortunately, I could not find any online copy of it.. will continue to find one and update this post.
     
  7. Peninha

    PeninhaWell-Known Member

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    Thanks for sharing those links owesem. I can't open the first one, but the second I can and I am really amazed from what I am reading, "it's creating an artificial shortage of coins", seriously lol? This seems too surrealistic to be true, but hey, who am I to judge.