Theres a Multitude of Ways You Can Count Coins

There are now at least three traditional ways for coin laundry owners to count their coins. First, there is the old hand method of sitting around the kitchen table counting quarters then making those neat little stacks of forty quarters each, and stuffing them into wrappers to take to the bank. Early on in our industry that was the only way. Quite soon there was a set of coin tubes one could buy that had the markings to show the dollar amount in the tube. Laundry operators used these to speed up the process, but it was still slow. Both stacking and tubes worked fine in the early days when coin laundry owners were dealing with nickels and dimes in relatively small dollar amounts. As washer and dryer vend prices increased, dollar volumes soared, and the hand methods just took too long. That''s when laundry owners found out about coin counting machines. Counters had been around for a long time by then, mostly in the amusement machine business, but they were something new for laundry owners. Coin counting machines worked fast and were more accurate. Most laundry owners today use coin counters to count their coin. They then take their coin to the bank in bags of $500. It''s easier and faster than counting by hand and having to put all those coins in wrappers. Saving time using scales. Many laundry operators weigh their coin, claiming that it''s easier, faster, and just as accurate. If you are willing to spend the money on a precise scale, it is very accurate. However, good scales can be very expensive. While a decent coin counter can be purchased for under $500, scales can run well over a thousand. However, just how precise do you really need to be? Some coin laundry owners have found that a typical bathroom scale works just fine. When you take coin to the bank, they will generally require that it be in a sealed bag. The bag is later counted to insure accuracy, and the depositor is either credited or debited based on that count. So you don''t have to be scientific with your weight, just close. Speaking of close, one pound of quarters will contain 81 coins, or $20.25. A pound of dimes amounts to 199 coins or $19.90. For all intents and purposes, we can say that a pound''s worth of typical coin laundry coins (quarters and dimes) is worth about twenty bucks. Weigh 25 pounds of quarters and it will be worth $512.50. Remove 25 quarters and it should be exactly $500. With these amounts in mind, it''s possible to make a comparatively accurate count of coins in just a few seconds, which many operators feel beats the heck out of using coin counters. No it''s not precise, but damn close. If you were to take a bathroom scale, as an example, and decide to weigh your coins on it, you can check on it''s accuracy by first counting the coins you weigh and seeing if the scale comes to the weight it should for the number of coins on it. If you count out 810 quarters, you should have a scale that reads 10 pounds, plus whatever the weight is for the pail or other container the coins are held in when placed on the scale. Place the pail, or whatever container you use for coins, empty on the scale. Make a note of the weight. Deduct that from the total weight each time you weigh coins. You can get it very close, but not absolute or precise. You may be off by a quarter or two in making a coin deposit, but if the bank counts it anyway, and either debits or credits your account, you don''t need to be precise. It is at this point that you have to make the choice. Is close good enough, or must you be precise? If you want to be precise, buy a good scientific scale. If close is good enough, you can use almost any reasonably accurate scale to do the weighing and counting job. Some laundry owners even use their fluff and fold scale. Others use a bathroom scale. It is considerably faster than actually making a count. There are always a few mavericks in any industry and that''s also true for the laundry business as well. Among the maverick things they do is count coin differently than almost anyone else. They neither weigh nor count. Instead, some use cans, usually coffee cans, of various sizes to estimate the count of their coins and then load the cans directly into the changer or bags to take to the bank. A 13 ounce ''pound'' can of coffee will average $170 in quarters if shaken first, and then evened off horizontally with the coins coming level with the top of the can. It''s accurate to within a dollar or so either way, and that''s how this writer does it. Others may get a different total because everyone loads a can differently. One operator''s full can may amount to $170. Loaded in another way by someone else, it might be $180. It takes a few times to get a feel for how it should be done and learn the total for your cans of coin. Once you have it down, you''ll find it saves lots of time. Knowing your personal total makes it quick and easy to load changer hoppers or coin bags for the bank, and still be reasonably accurate. This is probably the fastest technique of all, if absolute precision in your count is not important to you. Try it, you''ll like it. One of the most important rules to follow, no matter how you choose to count, is that the totals for each time you collect be carefully recorded. If it''s every two days, then every two days, as you finish the collection, you record the amounts. Having a written record of collections is important to successful coin laundry operation for two reasons. First, that written record gives you a path to follow for business planning, and it also provides a written confirmation of things that you probably know instinctively as a laundry operator. The records show the types of washers your customers prefer using. It reveals the average number of cycles each day and what times of the week are most popular. All of which helps you to plan for new equipment purchases and to schedule maintenance, purchase of vend supplies, schedule of repairs, buying parts, etc. Having an accurate, long term written record of collections makes it easier to confirm the laundry''s income for prospective buyers. All coin or card-op laundry businesses will change hands some day, either by sale or through inheritance and your laundry business will be no exception to the rule. Having good records makes this process easier for you or your heirs. Having good records also makes it easier for a bank or other type of financial institution to get a feel of what the laundry is actually worth if there is a need to borrow to expand. No matter which method of collection counting you choose, as long as it''s consistently recorded, it will make things easier for you as a business person who needs to plan, schedule and perhaps even borrow money.