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 Replies: 21 / Views: 3,326 |
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Valued Member
United States
146 Posts |
That is a cool bonus and agree with everyone else makes good business sense. Consider yourselves lucky to have coin shops to go to. I live in Charleston, SC and dont have anything around here. Granted we have a coin club and they put on some really good coin shows but I would love to go browse a store on a boring rainy day. Or a nice sunny day for that matter.
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Pillar of the Community
United States
797 Posts |
Never had anything great in change at my local coin shops. However, I pay with debit card usually. Maybe it is time to change to get some cool change!
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Valued Member
United States
193 Posts |
At my local shoppe they owner usually mixes something of interest in the change (he only accepts cash), he says he drops in something of interest every day. Last time he dropped in a roll of BU LMCs, pre-65 Jeffersons and he's the only place I know that gives Kennedy halves and IKEs or SBAs as change
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Pillar of the Community
United States
2541 Posts |
One store I go to puts steel pennies in random envelopes that they give you to put the coins in. I was lucky enough to get an uncirculated one!
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Valued Member
United States
297 Posts |
the coin shop near me hands out 2 dollar bills
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Bedrock of the Community
United States
20753 Posts |
Quote:
Never had anything great in change at my local coin shops. However, I pay with debit card usually. Maybe it is time to change to get some cool change!
Not really a good idea you know. Using a credit or debit type card leaves a trace of what your buying. You may not care, but many dealers really don't appreciate them. I know I shouldn't say this but many dealers are doing selling of coins as a side line and none of this is reported to the IRS. Using a check, credit or debit card leaves a trace and then possibly could be trouble for tax purposes. Therefore many dealers will give you a much better deal if using cash. Not only that but for haggling a price with a dealer it is really tuff to say I only can afford xxx then produce one of those cards. Another, and even more important reason not to use such cards is the info on them. Now when you use those you should really make sure no one is around you reading what is on that card or even photoing it with a camera phone. This is really, really important at a coin show where people are all over you. |
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Valued Member
United States
419 Posts |
My coin shop guy always keeps some common halves and two dollar bills to give back as change. Just something out of the ordinary.
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Pillar of the Community
United States
2734 Posts |
Even if the dealer's only source of income is selling coins, they
still have an incentive to give special deals to cash buyers.
Namely, the fees that they have to pay on credit/debit transactions!
The fees can be as high as 5% (once you add the card company fees
and the card reader fees).
It's not just coin dealers who give special deals to cash buyers,
I've had other small businesses give me 'cash deals', complete with a
receipt and sales tax charged! (and these are businesses with their
own buildings and hired employees, so they're not too likely to be
'side-income' businesses)...
One business I know even adjusts the 'cash deal' prices for sales tax:
ie: The "$200.00" 'cash deal' item is 'officially' $186.05,
then after the 7.5% sales tax is added, the total is $200.00 even.
The buyer hands over two $100 notes and it's a done deal!
Edited by DNA
11/01/2009 10:01 pm
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Pillar of the Community
United States
2589 Posts |
One reason for finding such goodies at coin dealers is coins such as low end BU memorials, worn early jeffersons, and clad jfks are not very profitable as salable items. When dealers buy lots in bulk without looking at them they sometimes accumulate these items as well unintentionally, such as buying a folder of nickels and keeping only the keys. Thus instead of taking them to the bank they use them as change within their own shops.
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Pillar of the Community
United States
763 Posts |
One of my local coin dealer does this. He gives out Presidential dollars, Kennedy halves, 60's pennies and earlier nickels. It's a nice treat, but it still doesn't make up for some of the outrageous prices though. |
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Bedrock of the Community
United States
20753 Posts |
Quote:One of my local coin dealer does this. He gives out Presidential dollars, Kennedy halves, 60's pennies and earlier nickels. It's a nice treat, but it still doesn't make up for some of the outrageous prices though. And that is the problem if it is a coin store or hobby shop that sells coins. Don't forget their prices also must include a profit to pay for property taxes, gas, electric, phone, water bills, Then too there are those things called supporting a family with food and stuff. All that comes out of the profits from selling coins and/or merchandise. And too it he has a dog, there is dog food too. |
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Pillar of the Community
United States
797 Posts |
That was a good point about not using a card for purchases. I have been using cash more lately and of course you always get more haggling power with cash anywhere you go. As far as leaving a trace for tax purposes for the dealer/seller, as far as I am concerned if you want to sell without turning it in for tax purposes I am fine with that, but I am not going to do something specific to help you make it easier to avoid taxes. That is up to the dealer to handle it however he or she sees fit. I just often times don't have cash on me and always have a debit. Also, like was pointed out before you need to be careful with other people seeing your info. Basic common sense obviously comes into play as far as being careful. Thanks for the thoughts and tips.
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Pillar of the Community
United States
763 Posts |
Although I am sure that there are some who are trying to evade taxes, I think a lot of merchants in general prefer cash because of the transaction fees charged by the credit card companies.
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Valued Member
United States
155 Posts |
Last Sunday I went went to my local shop and my change was $5 dollars even. He paid me in 2 crisp amazing 2 dollar bills and a 72 IKE. I love that.
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New Member
United States
13 Posts |
Not at all unusual for a dealer to drop cool stuff in their change. I think I got a 1919 cent that way once.
Ever so slightly off topic -- a barbecue place near where I work always gives out half dollars in change if the amount calls for it. No, I've never seen them give out a silver one. In any case, this place is quite literally in the shadows of the Dallas Federal Reserve Bank. Wonder if there's a connection?
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Replies: 21 / Views: 3,326 |
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Posted 10/31/2009 11:06 am
