At shows strictly cash and Carry heck its a money show lol. My view if they have money they know where find atm. I am not their bank. No use for non cash buyers at shows. In all fairness I may take gold coins at melt or certx coins at blue sheet as part of the payment.
As something of an aside, before we had slabs, I attended most major auctions, got 30 day terms to pay, and would typically have more than 80% of the coins sold before I had to pay for them. It was a great business model while it lasted. Today, I'm lucky to have 20% of my auction purchases paid before I have to pay for them, which takes a lot of the fun out of it. Interesting how times change.
Interesting......what do you feel accounts for this change the most MrEureka? Is it the liquidity that certified coins bring or something else?
Before slabs, grading and pricing were much more subjective, and dramatically fewer bidders knew what they were doing, which made it easier to buy. And after you bought a coin, you had a sea of potential buyers who might like it even better than you did.
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
@Nysoto said:
If you have a mortgage or any other loans, then coins are being financed with debt. Mortgages may be "good debt" but is still money borrowed. I would expected the majority of collectors have some debt.
I understand the platitude but disagree with it.
Do you prepay your electricity, water, gas, sewar?
Do you get a paycheck every second?
Do you ever have to pay income tax when you file, or get a refund?
Did you move into a city that has bonds that built infrastructure?
Do you live in a country that has debt and has outstanding bonds?
If so, by that definition, then you are financed or financing with debt, as you are living a life based on borrowed money.
I own my own business, and I do not use "credit" to expand my business. However, my ROi is over 100% per year. If someone who does not have the (fill in the blank) to make that kind of ROI, and says to me "Here is $XXXX. Go make your 100% ROI and give me 4%, sounds like a good deal to me. The money on"credit" is just a tool that I am better at using than the owner.
At shows strictly cash and Carry heck its a money show lol. My view if they have money they know where find atm. I am not their bank. No use for non cash buyers at shows. In all fairness I may take gold coins at melt or certx coins at blue sheet as part of the payment.
Really? Are there that many collectors walking around with 5K or more, in cash?
About a month ago someone called me asking if I do terms on coins. I answered yes I do terms depending on the coin and the price. The person mentions the particular coin- one that was worth about $900. I said sure- what type of terms do you need?
$75 a month for 12 months.
Someone with a limited budget wanted one of your coins as his "prize" coin out of his typical budget. You should have done it. I've seen your inventory ( and maybe only a partial inventory you've listed on the BST), it would have been no big deal. Not like he wanted you to front him the coin.
"i should have done it" whos to say i didnt?
More interestingly i would be curious why you believe "it would have been no big deal"
Just now got the email from PayPal and eBay; 24 months interest free on purchases over 600. While eBay could be expensive sometimes, it is hard to beat this financing.
If you collect thinly traded material like patterns and exonumia, credit is essential. It is nice to have funds put aside for a rainy day, to "keep your powder dry" for that special moment. But sometimes, you get one shot at a piece that is auctioned every hundred years or so. The opportunity exceeds what you have in cash, and you've got to stretch. I've done it many times with no regrets
You find a way, or you go away.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Most my customers at shows pay cash, some may do check. I don’t accept checks for gold coins but sometimes on non gold material up to say $200. If take check I take their dL number. Credit cards not accepted. At a money show I expect buyers pay in cash. No sleazy excuses accepted. If they have money they know where their bank, atm is. In all fairness I do take certified coins can use for inventory at blue sheet / bullion related silver and gold at melt if trade material offered.
Like gentlemens clubs, money shows are a venu where cash is king. Ben is a good friend to have at either one. Going without cash is like not having your starting OL in game. I believe USA should go to $200 and $500 Currency issues. Cent and nickel sb discontinued.
I do think money shows should have atm available for cc holders to get cash just like Ricks South had or Ritz Houston has. However due to atm fees wherever one needs cash one should plan bring ample cash.
Online store they can use cc (PayPal) of course this not issue but I have e checks blocked.
An emp attack on us could leave electronic money / accounts worthless. This would mean all out war with the attackers. In the postwar - gold / silver backed currency probably issued. Rare Coins and gold would maintain their value.
Comments
Very uncommon.
At shows strictly cash and Carry heck its a money show lol. My view if they have money they know where find atm. I am not their bank. No use for non cash buyers at shows. In all fairness I may take gold coins at melt or certx coins at blue sheet as part of the payment.
Before slabs, grading and pricing were much more subjective, and dramatically fewer bidders knew what they were doing, which made it easier to buy. And after you bought a coin, you had a sea of potential buyers who might like it even better than you did.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
I understand the platitude but disagree with it.
Do you prepay your electricity, water, gas, sewar?
Do you get a paycheck every second?
Do you ever have to pay income tax when you file, or get a refund?
Did you move into a city that has bonds that built infrastructure?
Do you live in a country that has debt and has outstanding bonds?
If so, by that definition, then you are financed or financing with debt, as you are living a life based on borrowed money.
I own my own business, and I do not use "credit" to expand my business. However, my ROi is over 100% per year. If someone who does not have the (fill in the blank) to make that kind of ROI, and says to me "Here is $XXXX. Go make your 100% ROI and give me 4%, sounds like a good deal to me. The money on"credit" is just a tool that I am better at using than the owner.
Really? Are there that many collectors walking around with 5K or more, in cash?
I strongly recommend against buying coins on credit.
Coin Shows are cash and carry. Many buyers have cash businesses. Others use cash in buying coins due to financial privacy reasons.
"i should have done it" whos to say i didnt?
More interestingly i would be curious why you believe "it would have been no big deal"
If Ebay or other online purchase, credit card paid off before interest. If at a show, cash only.
In that case it's not really credit as such, but just another form of cash since you'd probably pay cash if it was feasible.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
Just now got the email from PayPal and eBay; 24 months interest free on purchases over 600. While eBay could be expensive sometimes, it is hard to beat this financing.
Never ever. I have a credit card connected to my PayPal but it gets paid off in full every month.
If you collect thinly traded material like patterns and exonumia, credit is essential. It is nice to have funds put aside for a rainy day, to "keep your powder dry" for that special moment. But sometimes, you get one shot at a piece that is auctioned every hundred years or so. The opportunity exceeds what you have in cash, and you've got to stretch. I've done it many times with no regrets
You find a way, or you go away.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
It happens but it is a bad idea for buyers.
Most my customers at shows pay cash, some may do check. I don’t accept checks for gold coins but sometimes on non gold material up to say $200. If take check I take their dL number. Credit cards not accepted. At a money show I expect buyers pay in cash. No sleazy excuses accepted. If they have money they know where their bank, atm is. In all fairness I do take certified coins can use for inventory at blue sheet / bullion related silver and gold at melt if trade material offered.
Like gentlemens clubs, money shows are a venu where cash is king. Ben is a good friend to have at either one. Going without cash is like not having your starting OL in game. I believe USA should go to $200 and $500 Currency issues. Cent and nickel sb discontinued.
I do think money shows should have atm available for cc holders to get cash just like Ricks South had or Ritz Houston has. However due to atm fees wherever one needs cash one should plan bring ample cash.
Online store they can use cc (PayPal) of course this not issue but I have e checks blocked.
An emp attack on us could leave electronic money / accounts worthless. This would mean all out war with the attackers. In the postwar - gold / silver backed currency probably issued. Rare Coins and gold would maintain their value.