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 Replies: 12 / Views: 1,679 |
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New Member
United States
6 Posts |
I thought it would be a neat thread to get some opinions on when is your personal tipping point for taking a coin dealers store credit over the cash you can get for a coin.... example..... 500$ cash or 725$ store credit...
This thread is not meant to debate the way to sell a numismatic because I know selling to a dealer is not the way to go if you want top dollar.
Question: How much more would it take in store credit to not want to take the 500$ in cash or would you always take the cash! (again this question is not meant to be muddled by the coins value you are trying to sell just how much more store credit would it take above 500$ for you to take store credit rather then cash)
I hope this is a fun hypothetical thread!
Keep stacking! Edited by StackerDennis
08/20/2013 11:42 pm
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Bedrock of the Community
13014 Posts |
The first thing I would need to know is does he have anything I was and is it reasonable priced. If the answer is yes Ill likely take the store credit especially if I can get more out of it.
If its way over priced Ill take the cash unless the difference is great enough to make up the over pricing difference.
If they dont have anything I want they would have to have stuff I know I could sell and make back my money while still coming out ahead for the extra time and effort.
If they just flat out dont have anything good I'm taking the cash even if the credit would bring back more
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Moderator
 United States
187702 Posts |
Back in the 1990's when I was doing a lot of roll searching, I would exchange my excess silver finds for store credit with a dealer. This was how I funded the majority of my Franklin half dollar collection.  I think worked out for the best since I was going to buy the coins anyway. I think the answer is always going depend on whether or not the hypothetical coin shop has what you want. If they do, then taking cash would not be wise. Of course, this assumes that they are a reasonably priced shop; if they are not, then you probably should not be selling/trading your coins there to begin with.  |
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Bedrock of the Community
United States
17884 Posts |
If I'm selling it's probably because I need the cash In which case store credit is worthless to me.
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Pillar of the Community
United Kingdom
856 Posts |
I only sell coins to fund more coins, but there aren't any dealers I use very frequently, so credit would tie up money I might later want.
If there was a big difference I could be persuaded to accept credit ($725 over $500 is decent enough) but certainly in the past I have preferred part-exchange as that way I get something I definitely want there and then!
Of course selling to fellow collectors, who appreciate what I have, is generally my preference!
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Pillar of the Community
United States
1109 Posts |
The LCS I use doesn't offer credit. I am trying to talk him into layaway but he's against that too. :)
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Pillar of the Community
Canada
2781 Posts |
cash is king.
$725 vs $500 is a big spread though. I would expect a dealer might offer $500 cash or $600 credit (which is basically the same thing in purchasing power)
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Valued Member
United States
331 Posts |
Like wade said is the norm on a store credit. But the difference Stacker gave would be a no brainer for me it would be the store credit everytime.
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Bedrock of the Community
United States
20753 Posts |
At a coin show a dealer that was always there would tell people if they wanted, they could give him a little at a time. Sort of time payment. Some did that and he one day vanished. A coin store not far from me did similar and one day it just closed. Owner just gone. A store credit is OK if you know it will always be there. If the credit is any good. If the store will stil be there. IF, IF, IF.
Cash is cash and it will still be cash regardless.
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Valued Member
United States
62 Posts |
It seems to me that some places might quote their prices differently if I were paying with cash vs. store credit. Essentially the money is "spent" already.
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Bedrock of the Community
13014 Posts |
Quote:
Some did that and he one day vanished. A coin store not far from me did similar and one day it just closed. Owner just gone. Thats one reason I would only consider store credit if I was going to use it all before I left the store that day. |
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Valued Member
United States
416 Posts |
like basebal21, I would only take the credit if it was being used right then
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Pillar of the Community
Russian Federation
5172 Posts |
I've never visited a coin shop that had store credit[1]... to the best of my knowledge anyway. Then again, I've only sold any coins twice in my life, and both of these sales were to other collectors without any stores involved; so for all I know it exists and I just never had any reason to see it.
That said, in the unlikely scenario that I somehow would go to a store and sell a coin there, I would want cash - but if the disparity is ridiculous I might prefer store credit (as in if the choice is $5 cash versus $100 credit, and I already trust the dealer enough to be sure that it isn't a scam, I might choose the credit). If the cash amount is the OP's $500, however, then I have an immensely valuable coin on my hands; so I would only want cash[2] unless it's going to be spent immediately, in which case it's basically a trade anyway.
And I suspect that store credit might actually be illegal in my country. But that's another story entirely.
[1] I did visit a few very-general-with-small-coin-section places - mainly book shops and supermarkets - which offered a selection of gift cards. I doubt that counts, really.
[2] okay, maybe if the credit amount is something really ridiculously huge like a million dollars, and the store in question is a large worldwide franchise that is in no danger of failing anytime soon... maybe if I accidentally found the franchise owner's lucky coin or something like that
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Replies: 12 / Views: 1,679 |
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Posted 08/21/2013 10:43 am
