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 Replies: 35 / Views: 4,808 |
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Pillar of the Community
United States
4085 Posts |
I've always used cash at coin shows but typically I don't take more than $100 or $200. Let's say I wanted to add a key date to my collection and that perhaps this coin might be a couple thousand dollars. How do people arrange payment for something like this at a show? I can't see carrying around a few grand in cash hoping I find something I like. But I also expect most dealers are not set up to accept credit cards at a show and I can't imagine someone would take a check either. So - how has this world for others in the past?
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Pillar of the Community
United States
1609 Posts |
Actually, at the two coin shows I've gone to, ive seen the business-y people pull out full bricks of $100's. I doubt many people would rob you, but it's your choice.
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Pillar of the Community
Canada
3733 Posts |
yes cash is king, at coin shows..
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Pillar of the Community
United States
3516 Posts |
 I always save up a lot for a show, and then spend most of it. Normally I bring 500-1,000 because I get temped to buy things....Very...Easily |
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CCF Advertiser
United States
1533 Posts |
I usually bring about $2,000 to a big show, but most dealers will take my check.
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Moderator
 United States
16679 Posts |
I deal with one dealer when I go to Long Beach. He is very cool but I've dealt with him a few times as well.
If it's a several hundred or thousand dollar coin, he'll set it aside for me, and I'll send him a check or money order.
swcoin.ecrater.com
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Rest in Peace
United States
17900 Posts |
Even 3-4 years ago it was fairly rare for anything but large shows to have dealers that took cards.
Today most dealers at larger shows take cards. BUT the dealers have to pay a percentage on those carded sales. They can also send you a PayPal invoice that you can pay with your phone while you are standing in front of them.
However, when I see a coin I want I take the bills for my offer and put them on the table. The dealer has no percentage to pay, doesn't need to worry that I am a walker, and knows I have the cash to pay for these coin.
Often they hesitate or ask for a bit more and you still have that option to negotiate. But in the end cash will hopefully remain king for at least a few more years. Unless the U.S. Indianizes our $100 bills.
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Pillar of the Community
United States
4211 Posts |
I always take cash as well but once I purchased a coin I had not planned on. The dealer let me pay by debit card but charged me an extra 3%. Cash is definitely preferred and with a lot of dealers it's your only choice.
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Pillar of the Community
United States
711 Posts |
Sounds like a technically adept dealer could make a few extra bucks by offering credit card services at a show for a not so small fee.
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Pillar of the Community
United States
5854 Posts |
There are many dealers at the shows in my area that will accept a check but only if you have a reputation as being credit worthy. Word of bounced checks spreads like wildfire. Sometimes a dealer that is unfamiliar with you may ask if another dealer can vouch for you. Another option many dealers offer on expensive coins is layaway. It is much safer from the dealer's perspective since they hold onto the coin until paid in full and especially if you have yet to establish credit. It is uncommon for me to see any dealer accepting debit or credit cards. Cash payment in full is always preferred above all others.
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Pillar of the Community
United States
1609 Posts |
Well, actually, I take back my response. Is it a large or a local coin show? I've only ever been to local, and that's where no one ever accepts checks. If your going to like, let's say, a coin show in the middle of Manhattan, I would guess that the larger the show, the more checks accepted.
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Bedrock of the Community
United States
17884 Posts |
I've never had a dealer refuse my check at a show. The few times I've encountered reluctance I just told them take the check and when it clears ship me the coin, I'll add enough to cover the shipping. Once I've said that they went ahead and just took the check. Although I wouldn't mind if they held and shipped either.
Another possibility would be to pay a deposit (get a receipt) and then send them a check and they send you the coin.
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Pillar of the Community
United States
5854 Posts |
The shows I go to most often have about somewhere around 60-80 tables and 40-50 dealers. The largest regular show near me, either the nh coin expo or the bay state show, typically has around 100 or more dealers.
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Moderator
United States
189053 Posts |
This is a good discussion. As I get down to the last few holes in my Dansco albums, I expect to have a problem like this one day soon. One thought I had was to see if the dealer would take a deposit and let me come get the coin from them at their B&M or have them ship it to me (at my expense).
As for credit cards, do not discount that option so fast. Not once, but twice I came close to buying a coin that was outside my budget. Both times the dealers said they would take a credit card. With that said, I would only ever use a credit card with a reputable dealer and I would never use a debit card. All credit cards (at least mine) offer some sort of purchase and fraud protection.
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Pillar of the Community
 United States
4085 Posts |
I rarely keep more than $300 on hand, so if I want a coin for example like a Lincoln 1909-S VDB in 63-64 RD or RB, I am looking at $2000 and the idea of going to the bank to take out $2000 cash in the hopes of finding what I want at a show - just don't see myself doing that. There is always Heritage or Great Collections but I like the idea of seeing the coin in hand when the stakes are higher like this.
I guess my plan is to go to a show and if I see THE COIN, make some sort of arrangements as suggested above. I wonder if someone would take a check if you showed them a bank balance and transactions on a phone for example?
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Pillar of the Community
Canada
1747 Posts |
most of the banks up north of the 49th offer email cash transfers, easy peasy. I think there are a lot of ways to pay for a coin electronically nowadays that if the right deal was proposed to you it would not be difficult to pay for it.
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Replies: 35 / Views: 4,808 |
Posted 11/22/2016 8:28 pm
