With inflation increasing the cost of living, you start to realize that every penny really does count. Although cash is used less frequently these days, there’s still no harm in filling a change jar with any extra coins, so you can deposit them into your savings account later on.
However, unless your bank has a change sorting machine, you’ll need to put your coins into coin rollers before you can deposit them. That means knowing the right types and amounts of coins to put in each roll. For instance, how many nickels are in a roll?
What Is A Canadian Nickel?
Named after its original base metal, a Canadian nickel is a 5-cent ($0.05) coin and the smallest denomination you can get in Canada Dollars (CAD) since the penny was discontinued in 2013.
How Many Nickles Are In A Roll?
Currently, a roll of nickels is equivalent to $2.00 CAD and there are 40 nickels in a roll.
How Many Nickels Make $2
To figure out how many nickels make up a specific larger amount, just divide the total dollar value by the value of a nickel: 0.05. Here’s a simple example:
- $2.00 ÷ $0.05 = 40 nickels.
How Many Nickels Make $5
They don’t manufacture nickel coin rollers that are worth $5 but you can use the same equation to calculate the amount of nickels you need: $5.00 ÷ 0.05 = 100 nickels.
Then, you can either cash two full nickel rollers for $4.00 and keep the remaining $1.00 (20 nickels) or wait until you collect 20 more nickels to make $6.00 using three rollers.
How Many Nickels Make $10
According to that formula ($10.00 ÷ $0.05), you need 200 nickels to make $10. Then, if you were to roll those 200 nickels up, you would have 5 rolls in total.
How Many Nickels Make $20
$20.00 ÷ $0.05 = 400 nickels (or 10 rolls of nickels in total).
What Can You Do With Extra Nickels?
Whether you have extra nickels, quarters, dimes or any other coins, you can use them to boost your savings, pay down debt or help you make a purchase. For example, if you work as a bartender, you can make a few dollars to a few hundred dollars depending on the venue, location, shift and much more.
How To Exchange Nickels For Cash Notes?
If you work in the service or food industry, you’re likely to earn a significant amount in tips due to the tipping culture in Canada. In general, Canadians tip 10% to 30%, so that can equate to a lot of change.
If you’re looking to cash in your nickels for cash notes or digital currency, start by purchasing some coin rollers. Once you fill up a roll or more, you can simply go to your bank and exchange it for cash notes. Or you can simply deposit it into your bank account.
Other Ways To Exchange Your Nickles
- Coin Counting Machine At The Bank – Many physical banking institutions have a coin-counting machine on site. Simply dump all your coins into the slot and it will tally up the amount. After that, it will print you a ticket with the amount. You can then go to the teller and cash the amount. In general, these machines are free to use if you’re a client of the bank. Otherwise, you may have to pay a fee.
- Using Coinstar – This popular change processing company has coin-counting machines set up in stores across multiple countries, including Canada. They normally charge a processing fee of 12.9% (but fees may vary by location).
- Getting Gift Cards On Coinstar – Alternatively, you can use a Coinstar machine to exchange your nickels for gift cards to a variety of partner retailers, like AMC Theaters, Amazon and Starbucks. There are no processing fees for this service.
Other Canadian Coin Rolls
Nickels aren’t the only Canadian coins you can roll. In fact, depending on where you shop, you may be able to buy a big bag of mixed coin rollers, each of which is identified by a different colour or size.
How Many Toonies Are In a Roll?
A toonie is our 2-dollar ($2.00) coin and the largest coin denomination produced by the Royal Mint. There are 25 toonies in a standard roll, which is typically coloured purple.
How Many Dimes Are In a Roll?
Characterized by the colour green, a roll of dimes contains 50 of Canada’s smallest coins, each valued at 10 cents ($0.10). This means a full roll of dimes is worth $50.
How Many Quarters Are In a Roll?
Quarters are Canada’s third-largest coin denomination, worth 25 cents ($0.25) each. All quarter rolls are identified by orange bands and contain 40 quarters or $10.00 CAD.
How Many Loonies Are In a Roll?
Canada’s second-largest coin denomination is the loonie, which is worth 1 dollar ($1.00). Loonie rolls have black identifiers and 25 coins, for a total of $25.00 CAD.
How Many Pennies Are In a Roll?
While Canadian 1-cent ($0.01) coins are discontinued, you can still cash in the ones you have, for now. Existing penny rolls are red and have 50 coins each (total: $50.00).
Got Any Rolls Of Nickels Saved Up?
Then you may be able to add some savings to your bank account, depending on how many nickels you have. If you don’t have enough or don’t plan on saving your nickels, you could always donate them to charity or spend them somewhere that accepts cash.
