The Coinstar® Story
It all began back in 1989 when Stanford University student Jens Molbak was sitting in his dorm room staring at the jar of coins on his desk.
In particular, he was thinking about how he could turn all that loose change into some much-needed cash. And after realising there simply wasn’t a quick or easy way to do it, he felt an idea begin to form.
Idea in hand, Jens interviewed other supermarket shoppers and discovered that he wasn’t alone. In fact, lots of people were being put off changing their coins by the need to sort, count and bag them before hauling them all the way to a bank.
Two years later, he set out to change that.
Founding Coinstar, Jens aimed to create an easy and convenient way for people to turn their loose change into spending money. Along with two classmates, he built a machine that could do the hard work of accurately sorting and counting the coins. And that meant that all customers had to think about was how they were going to treat themselves with the cash they got back.
By 1992 Jens’ machine was ready for a field test and Coinstar was named one of the fastest growing companies in the US. Fast forward to today, however, and his vision of helping people make their coins go further is bigger than even Jens could have predicted.
Coinstar® machines are now present in nearly 20,000 convenient locations worldwide, including supermarkets up and down the UK. As well as converting coins into cash, customers can now also make donations directly to charity and enjoy exclusive promotions and offers.
So it turns out Jens’ idea was a pretty good one. His vision to make cashing in your coins quicker, easier and more convenient will continue at Coinstar for many years to come.
Find a Coinstar® machine near you