Coin currency conversion systems and methods

#This invention relates generally to the field of currency conversion. More specifically, the invention relates to the conversion of coinage to other types of currency.

#Most currencies include both coins and paper money. For example, the currency of the United States includes pennies, nickels, dimes, quarters, half dollars and dollar coins in addition to paper money. Due to inflation over time, the value of such coinage has become relatively small. Hence, for many it is inconvenient to carry coins. As such, many simply let their coins accumulate, often scattered about the home or office. When a large number of coins have accumulated, it is inconvenient and time consuming to organize the coins and take them to a bank for conversion to paper money.

#Because of these inconveniences, some have proposed coin machines that process coins and determine their value. For example, one such coin machine is commercially available from Coinstar. After processing the coins, such machines may issue a receipt that is redeemable at the store where the machine is located, either for cash or in store credit. Hence, such receipts are typically only good within the store where the machine is located.

#FIG. 1 is a flow chart illustrating one method for converting coin currency to another type of currency according to the invention.

#FIG. 2 is a front schematic view of one embodiment of a coin processing system according to the invention.

#FIG. 3 illustrates a screen display that may be displayed on a display screen of the processing system of FIG. 2.

#The invention provides systems and methods for converting coins to other types of value. The invention may conveniently utilize a coin processing machine to process the coins and determine their value. Once the value is determined, the pay out may be at the coin processing machine itself, at equipment that is coupled to machine, or at one or more remote locations. Further, payments may be made using a wide variety of value types and using a wide variety of techniques. For example, payments may be made in cash, by check, by money order, using credits, using stored values (that are stored on a card or in an electronic account) and the like. Further, the value may be converted to other types of currencies. For example, if the processed coins were in U.S. currency, their value may be converted to Mexican pesos, or some other country's currency. Payment techniques used by the invention include: dispensing of a negotiable instrument, such as in cash, by check, by money order, by scrip, and the like, performing a money transfer transaction, performing a bill payment transaction, performing a prepayment for services transaction (such as prepaying for phone time) and crediting of a bank account, credit account, investment account, stored value account or card, educational account, or the like. In one aspect, the coin processing machine may be configured to electronically transmit information on the determined value along with any other transaction information to a transaction system for further processing. For example, such information may be transmitted to the systems described in copending U.S. application Ser. No. 10/040,568, filed Jan. 4, 2002, the complete disclosure of which is herein incorporated by reference. Once transferred to such a system, the value may be converted and/or paid out using any of the techniques described therein.

#Referring now to FIG. 1, one method 10 for converting coins to other types of currency will be described. As shown in step 12, the coins are input into a coin processing machine and are processed (step 14) to determine their value. Such techniques for processing coins and determining their value are known within the art. Once a value has been determined, the customer has the option of having a negotiable instrument dispensed for some or all of the value as shown in step 16. The negotiable instrument may be dispensed directly from the coin processing machine or from other equipment coupled to the machine. For example, a printer may be employed to print a money order. As another option, a check may be printed having a MICR line. Such a check may be printed using a laser printer capable of printing MICR lines. Such printers may be integrated into the coin processing machine or coupled to the coin processing machine through a direct connection or a network. In one option, the user may type in the name of a payee into the coin processing machine or a computer associated with the machine, such as by using a traditional keyboard, so that the check may be printed in the name of the payee. As another option, paper money may be dispensed directly from the coin processing machine or from a cash dispenser coupled to the machine.

#If the customer wishes to receive payment at a remote location away from the coin processing machine, the coin processing machine may be configured to produce an electronic record of the determined value as shown in step 18. As shown in step 20, a payment identifier may also be associated with the determined value. The payment identifier may be used to identify the record of the determined value when making a subsequent transaction as described hereinafter. The payment identifier may be assigned by the coin processing machine, by the customer, or the like. For instance, the customer may have a card with an existing identifier. This may be read by a reader and associated with the determined value. In some cases, the coin processing machine may dispense a card that may be used to store an assigned payment identifier simply by swiping the card through a writer. Or, if the card includes a memory, such as a smart chip, the electronic record may be stored directly on the card and may be debited upon presentment of the card. As another example, the coin processing machine may print a receipt or other document having the determined value and the associated payment identifier.