News

Self-serve coin-counting machine aims for performance

September 25, 2003

LOS ANGELES -- Cash Technologies Inc. announced that it has released a new model in the company's line of CoinBank electronic self-service coin-counting machines.

The CoinBank CB5 machine incorporates patented debris-handling and other proprietary technologies that give it reliability and network performance, according to a news release.

In June 2003, Cash Tech's wholly-owned European subsidiary, CoinBank Automations Handels, Ges.m.b.H., completed an agreement with banking equipment distributor Cash Solutions Geld., Ges.m.b.H. to market the CB5 machines in Europe. Similar agreements are being negotiated in the United States.

In recent years, the market for self-service coin-counting machines has increased significantly around the world. U.S. retailers and banks have witnessed consumer demand for a convenient method to dispose of the more than $7 billion dollars worth of loose coin estimated by the U.S. Mint to be stored in piggy banks, as well as billions per year from recurring daily coin transactions.

The existing installed base of nearly 13,000 coin counting machines in the United States are candidates for replacement with newer equipment and tens of thousands of additional retail and bank locations are also well-suited for these machines, the release said.

The European coin machine market has expanded since the introduction of euro coins in January 2002. 

The CB5 determines a coin's denomination by electronically measuring its metal content rather than by weight and size, the release said.

CoinBank's patented mechanism returns the uncounted coins to the customer and issues a receipt for the accepted coins. The CB5 supports remote administration and permits banks to offer direct coin deposits into a bank account using an ATM card.