The resource theory of coherence studies the operational value of superpositions in quantum technologies. A key question in this theory concerns the efficiency of manipulation and interconversion of the resource. Here, we solve this question completely for qubit states by determining the optimal probabilities for mixed-state conversions via stochastic incoherent operations. Extending the discussion to distributed scenarios, we introduce and address the task of assisted incoherent state conversion, where the process is enhanced by making use of correlations with a second party. Building on these results, we demonstrate experimentally that the optimal state-conversion probabilities can be achieved in a linear optics setup. This paves the way towards real world applications of coherence transformations in current quantum technologies.