Value of loose change per pound?

[src]

I want to know the approximate value of a random collection of coins per pound

i would have thought this would be on the net, but my googling has been fruitless

anyone knows this?

 

[Modeps]

of random coins? you cant figure that out with ANY degree of accuracy.

 

[acemcmac]

good luck on that, sounds interesting

 

[Colt45]

Random means just that - random.
So your value will vary considerably per sample.

If truely random, one batch may be ALL pennies, another may be ALL dollars.

 

[src]

ok, i guess it wouldn't be strictly random

i am thinking of a loose change jar that people have

[edit] but even so, that's the nature of statistics, you should still be able to come up with an average [/edit]

 

[Modeps]

Originally posted by: src
ok, i guess it wouldn't be strictly random

i am thinking of a loose change jar that people have

Yeah, my loose change jar could be all quarters and yours could be all pennies. Just bring your change jar to the grocery store and use the CoinStar machine there. You'll get an accurate count.

 

[Beau]

Originally posted by: Colt45
Random means just that - random.
So your value will vary considerably per sample.

If truely random, one batch may be ALL pennies, another may be ALL dollars.

Given enough samples, you will find a consistant average. But in order for your samples to be accurate, you'd need to find out the circulation numbers of each coin.

 

[src]

yeah, but i would have thought some statistics nut would have done this before

 

[Spencer278]

Originally posted by: Beau

Originally posted by: Colt45
Random means just that - random.
So your value will vary considerably per sample.

If truely random, one batch may be ALL pennies, another may be ALL dollars.

Given enough samples, you will find a consistant average. But in order for your samples to be accurate, you'd need to find out the circulation numbers of each coin.

You couldn't really use the circulation numbers you would have to do a random sampling of random people's coinage. I have Zero quarters in my change because they all get spent on laundry. Other people might not spend them or some might spend dimes.

 

[kranky]

Assume 40% quarters, 25% dimes, 20% nickels, and 15% cents.
The US Mint web site will be able to tell you how much each coin weighs.

 

[src]

probably the best way would be to find the average ratio of quartersimes:nicklesennies given from a store ?

 

[DingDingDao]

Originally posted by: Modeps

Originally posted by: src
ok, i guess it wouldn't be strictly random

i am thinking of a loose change jar that people have

Yeah, my loose change jar could be all quarters and yours could be all pennies. Just bring your change jar to the grocery store and use the CoinStar machine there. You'll get an accurate count.

Yes, Coinstar will give you an accurate count. They'll also take 8.9 cents per dollar. 8.9% is highway robbery, in my opinion. Go to a bank and they'll count it for you for free.

 

[Modeps]

Originally posted by: DingDingDao

Originally posted by: Modeps

Originally posted by: src
ok, i guess it wouldn't be strictly random

i am thinking of a loose change jar that people have

Yeah, my loose change jar could be all quarters and yours could be all pennies. Just bring your change jar to the grocery store and use the CoinStar machine there. You'll get an accurate count.

Yes, Coinstar will give you an accurate count. They'll also take 8.9 cents per dollar. 8.9% is highway robbery, in my opinion. Go to a bank and they'll count it for you for free.

None of my banks around here will count your change for free. They all charge something.

 

[src]

im not all that set on determining how much my coins are worth, i am more curious of whether i could get a good estimate

perhaps i'll go to a bank, weigh them, and report back

 

[src]

i don't use coins for anything so my collection shouldn't be skewed

 

[Beau]

Originally posted by: Spencer278

Originally posted by: Beau

Originally posted by: Colt45
Random means just that - random.
So your value will vary considerably per sample.

If truely random, one batch may be ALL pennies, another may be ALL dollars.

Given enough samples, you will find a consistant average. But in order for your samples to be accurate, you'd need to find out the circulation numbers of each coin.

You couldn't really use the circulation numbers you would have to do a random sampling of random people's coinage. I have Zero quarters in my change because they all get spent on laundry. Other people might not spend them or some might spend dimes.

You most certainly could use the circulation numbers. You don't think the Treasury knows what coins are given in change more often than others? How do you think they figure how many they need of each coin?

 

[TitanDiddly]

Pick up one of those cheesy change sorter machines on eBay and let it go wild. Keep in mind they aren't meant to run continuously, so do 10 minutes on, 10 off, etc.

 

[Spencer278]

Originally posted by: Beau

Originally posted by: Spencer278

Originally posted by: Beau

Originally posted by: Colt45
Random means just that - random.
So your value will vary considerably per sample.

If truely random, one batch may be ALL pennies, another may be ALL dollars.

Given enough samples, you will find a consistant average. But in order for your samples to be accurate, you'd need to find out the circulation numbers of each coin.

You couldn't really use the circulation numbers you would have to do a random sampling of random people's coinage. I have Zero quarters in my change because they all get spent on laundry. Other people might not spend them or some might spend dimes.

You most certainly could use the circulation numbers. You don't think the Treasury knows what coins are given in change more often than others? How do you think they figure how many they need of each coin?

Well by defintion the coins are teken out of circulation when they get dropped into a change bucket. I'm sure the treasure knows how much of each coin will be need soon, but that doesn't mean they know how much of each type is setting in a bucket somewhere.

 

[jaybert]

i think you could figure out what the average % of coins could be from receiving change:

min quarters: 0 max quarters: 3 average: 1.5
min dimes: 0 max dimes: 2 average: 1
min nickel: 0 max nickel:1 average: .5
min penny: 0 max penny: 4 average: 2

this is of course if everyone pays in full dollars and only keeps change from 1 purchase in the pocket. you can then find the weights of each coin to find how much, on average, 100grams of a random collection of coins could be.