Novel Coin Exchange system and method

• US 20090206155A1
• Filed: 03/25/2008
• Published: 08/20/2009
• Est. Priority Date: 02/18/2008
• Status: Abandoned Application

• Current Assignee: Michael J. Chen
• Original Assignee: Michael J. Chen
• Inventors: Chen, Michael J.
• Application Number:
  US12/054,879
• Publication Number:
  US 20090206155A1
• Time in Patent Office: Days
• US Class Current: 235/379
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G07F 5/22 electrically actuated
• CPC Class Codes: G07F 9/08 Counting total of coins inserted

Abstract

A method and a system of exchanging coins, comprising determining an amount of coins to be dispensed in a sales transaction; transmitting the amount to a card reader terminal; retrieving account identification data from a card wherein the card stores account identification data; transmitting the amount and the account identification data to a central computer; redeeming, by an user at a later time, the amount less a fee in an user'"'"'s preferred method.

Claims

10-1. The method of claim 1, wherein in said preferred method is donating, by said user, said amount less a fee to a charity.

13. A coin exchange system comprising:

a central computer;

a cashier machine positioned in a retail store, wherein said retail store is located remotely from said central computer;

a card, wherein said card stores account identification data;

a card reader terminal operably linked to said cashier machine and communicately linked to said central computer, wherein said card reader terminal retrieves said personal identification data and transmits said personal identification data to said central computer, wherein said cashier machine determines an amount of coins to be dispensed in a sales transaction and transmits said amount to said card reader terminal, wherein said card reader terminal transmits said amount to said central computer, wherein said central computer stores said amount and said personal identification data, wherein an user redeems said amount at a later time in an user'"'"'s preferred method.

14. The system of claim 13, wherein in said card is a magnetic stripe card.

15. The system of claim 13, wherein in said card is a smart card.

16. The system of claim 15 wherein said card reader terminal retrieves account identification data from said card using radio frequency identification technology.

17. The system of claim 15 further comprising said card reader terminal transmitting said amount to said card.

18. The system of claim 17 wherein said card reader terminal transmits account to said amount to said card using radio frequency identification technology

19. The system of claim 13, wherein said preferred method is retrieving, by said user, said amount less a fee in currency from a bank.

20. The system of claim 13, wherein in said preferred method is redeeming, by said user, said amount less a fee by exchanging for a product in a store.

21. The system, of claim 13, wherein in said store is an online store.

22. The system of claim 13, wherein in said preferred method is donating, by said user, said amount less a fee to a charity.

23. The system of claim 13, wherein in said preferred method is making purchases with, by said user, said amount less a fee from a point of sale system.

24. The system of claim 13, wherein in said preferred method is depositing, by said host, said amount less a fee to a bank account of user'"'"'s choice.

25. The system of claim 13, wherein said central computer is located at a host.