A coin-operated vending machine includes a magazine which stores small boxes or packages of items one on top of the next in columns or stacks arranged in a circumferential row thereof and a dispensing mechanism operable to effectively dispenses such small boxes or packages of items one at a time from a selected one of the stacks thereof. The vending machine also includes a one-way indexing mechanism operatively adapted to limit rotation movement of the magazine to only one rotational direction and a reciprocal locking mechanism capable of coacting with the dispensing mechanism to lock the magazine in a stationary position when a lowermost package is received in the dispensing mechanism from the selected one of the stacks.