Young Aussies are using this new ATM trend to make 'thousands' of dollars with little effort and zero risk – and banks are NOT happy
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The recent rise in popularity of "coin noodling" is probably due to the fact that more and more young Aussies are looking for ways to make money. It was reported that some teenagers who have the time to sort through hundreds of gold coins are making a fortune all by themselves!
However, others are less than impressed. Some Australians believe that this money-making scheme is pointless because it may risk the service being terminated for everyone.
If you've never heard of "coin noodling," it's a way to make money that involves putting cash in a machine that gives out coins in exchange for bills.
Following that, they sort through the gold and silver coins in an effort to find valuable and rare ones before returning the unwanted coins to the bank.
The viral social media channel Gold Coast Picker referred to the coin noodling craze as a "risk-free investment opportunity," and it has since exploded in popularity among people who are willing to put in the necessary time and effort.
Bankers and business owners have criticised teenagers for engaging in an unusual side business. Credit: Gold Coast Picker.
"We go treasure hunting for rare and commemorative coins to collect and make money," said the Queensland-based coin enthusiast.
In a video they posted on social media sites like TikTok, Facebook, and YouTube, the young star filmed himself putting $1,100 worth of $100 bills into the machine and getting it back in gold coin rolls.
After that, he gathers the rolls, opens them up, and searches through them looking for anything that is worth more than two dollars. The remaining coins that are not wanted are returned to the coin change machine so that they can be exchanged for bills.
You might be wondering: How do they make money from this?
The Gold Coast Picker revealed that he usually receives at least a ten per cent return on his efforts, which would translate to approximately $110 for his time in this particular circumstance. However, if an extremely rare coin is discovered, this number could skyrocket into the thousands.
"I have two coins from 1988 that are worth $10,000 each, and the rest of my coins are worth anywhere from 2x to 4x their face value," he added.
In order to calculate their "profit," the page's creators claim to have looked at eBay-sold coin listings. If their timing is right, the coins can frequently be sold for more than they typically retail on eBay for.
The majority of the time, coin snoopers look for gold coins, but some silver coins can also be very valuable; at one auction, a five-cent coin with a "double print" brought in $55,000.
Credit: Gold Coast Picker.
The young man's diligent effort has, however, been criticised by those who work in the industry, who labelled him "shameful" and a time-waster.
"All you are doing is wasting your own time and stuffing people around," one woman wrote, alongside a rude emoji, in the comments section.
Other people have also expressed disappointment after showing up to use the coin machines for their businesses and discovering that they were all empty.
"For almost two months last Christmas, our local machines were out of gold coins, it was ridiculous, beyond a joke," one person said.
Some even went as far as to argue that the practise ought to be completely outlawed because "coin noodling" is not what the machines were designed for. "If you keep doing it, they'll shut them down or make them for business only," they added.
What are your thoughts, folks? Do you agree that "coin noodling" should be prohibited? Or should they let the teenagers keep up this innovative ‘side hustle’ that makes them money? Let us know in the comments below!
However, others are less than impressed. Some Australians believe that this money-making scheme is pointless because it may risk the service being terminated for everyone.
If you've never heard of "coin noodling," it's a way to make money that involves putting cash in a machine that gives out coins in exchange for bills.
Following that, they sort through the gold and silver coins in an effort to find valuable and rare ones before returning the unwanted coins to the bank.
The viral social media channel Gold Coast Picker referred to the coin noodling craze as a "risk-free investment opportunity," and it has since exploded in popularity among people who are willing to put in the necessary time and effort.
Bankers and business owners have criticised teenagers for engaging in an unusual side business. Credit: Gold Coast Picker.
"We go treasure hunting for rare and commemorative coins to collect and make money," said the Queensland-based coin enthusiast.
In a video they posted on social media sites like TikTok, Facebook, and YouTube, the young star filmed himself putting $1,100 worth of $100 bills into the machine and getting it back in gold coin rolls.
After that, he gathers the rolls, opens them up, and searches through them looking for anything that is worth more than two dollars. The remaining coins that are not wanted are returned to the coin change machine so that they can be exchanged for bills.
You might be wondering: How do they make money from this?
The Gold Coast Picker revealed that he usually receives at least a ten per cent return on his efforts, which would translate to approximately $110 for his time in this particular circumstance. However, if an extremely rare coin is discovered, this number could skyrocket into the thousands.
"I have two coins from 1988 that are worth $10,000 each, and the rest of my coins are worth anywhere from 2x to 4x their face value," he added.
In order to calculate their "profit," the page's creators claim to have looked at eBay-sold coin listings. If their timing is right, the coins can frequently be sold for more than they typically retail on eBay for.
The majority of the time, coin snoopers look for gold coins, but some silver coins can also be very valuable; at one auction, a five-cent coin with a "double print" brought in $55,000.
Credit: Gold Coast Picker.
The young man's diligent effort has, however, been criticised by those who work in the industry, who labelled him "shameful" and a time-waster.
"All you are doing is wasting your own time and stuffing people around," one woman wrote, alongside a rude emoji, in the comments section.
Other people have also expressed disappointment after showing up to use the coin machines for their businesses and discovering that they were all empty.
"For almost two months last Christmas, our local machines were out of gold coins, it was ridiculous, beyond a joke," one person said.
Some even went as far as to argue that the practise ought to be completely outlawed because "coin noodling" is not what the machines were designed for. "If you keep doing it, they'll shut them down or make them for business only," they added.
What are your thoughts, folks? Do you agree that "coin noodling" should be prohibited? Or should they let the teenagers keep up this innovative ‘side hustle’ that makes them money? Let us know in the comments below!
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