Collectors: Cash or credit?
TurtleCat
Posts: 4,628 ✭✭✭✭✭
So you’ve finally arrived at a big coin show. Lots and lots of goodies everywhere. Do you take a lot of cash with you or do you hope the dealer takes credit cards?
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How many times is this horse going to get kicked?
Don't understand? First time I have heard it. Take so much cash, that way I don't spend more money than I planned.
I have never used anything other than cash at a coin show.
A coin dealer once told me: "The most hunted and wanted item at a coin show is CASH.
Admittedly, I was not on the board from 2008 to late 2019 so I may have missed some of these kicked horses. It’s something I’ve always wondered about. Especially those 5 digit coins out there at shows. Or 5 digit expenses.
If you will notice my big grin! In your defense the search for this forum really stinks!
Yeah, I rarely try to search on the board. Even back then it was hit and miss.
Part of me thinking about this, in addition to big purchases, is a lot of sellers take credit cards on their web sites, on eBay, etc. So why not at shows? Just like in the old days they could have a sign saying cash or credit + the interchange fee percentage.
Although I guess challenging charges is easier but it is a risk with the other purchases as well.
I usually pay by check for the coins I buy. The dealers I usually buy from know me and trust me or they know the references that I can provide them.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Cash.
If you want to pay by credit card, don't be surprised if the seller wants another 3% (i.e., you eat the merchant's cc transaction cost).
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
Cash. A stack of $100’s has presence.
Cash and checks. Never use credit cards for coins/collectables (or for anything)
cash
https://photos.google.com/share/AF1QipNX5On5yDhT46OtnY5uIEth9nyaJBQGS8pd3FXPPAlEkZvlknjs6AjNA_epjkVFVg?key=MUVmZ0RxcjBSR3k4d0VNRmdGeFUwaUl1VEtGUGlB
https://photos.google.com/album/AF1QipNAIaSqPRMg72Om7F45Y7afv2oe9gSpiHfUtnra
You take a bunch of cash out of the bank and anything you don’t spend over $500 you have to fill out a government form to deposit it back in your same bank because you could be a drug dealer.
Bitcoin
All of my coin show dealings have been in cash. Most of my coin shop purchases have been cash. I have been known to carry up to $10,000 in cash at shows and have come home with coins that cost that much. Sometimes, on a big dollar coin (and I consider multi thousand dollars coins to be big) I get a break for handing over the cash.
I remember some big coin shows in the early and mid 1960's and seeing coin deals between major dealers using a stack of thousand dollar bills. I was a young kid at the time and I was quite impressed.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
CASH IS KING!
You're in the PCGS "circle of trust". I would take your check. no problemo.
Saw this one dealer with a bunch of hundred dollar bill stacks. Each stack stapled at the top. When paying he would rip the hundos off like pieces of paper on a wrighting pad. Good times. lol
I'm not buying 5 figure coins, but I always use cash. No questions, no problems.
I would still be impressed!
Cash is King in most shows for Public purchases but if your looking have a PayPal account ready to go too. Then you can send money and they will get your receipt quick and you can pickup Johnny on the spot. I have used many different forms of payment. All work at Show but CC come with fees so you may get a price with fees if you do. carry as much cash as your comfortable with.
Enjoy the show
Best place to buy !
Bronze Associate member
Cash. Then on the way home I stop at a roadside diner and leave everything in the car.
Great transactions with oih82w8, JasonGaming, Moose1913.
I would take his check too, plus a hostage.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
In the back seat with the windows rolled down.
Here’s what Cash looks like at show
Best place to buy !
Bronze Associate member
You live in the wrong place then.
Your bank has your SSN on file. Federal laws only require reporting cash equivalent deposits (or withdrawals) of $10,000 plus over a subjective period of time. Personal checks are the equivalent of cash, so are money orders. Certified funds are typically reported by the issuing bank, not the receiving bank. I forget how ACH transfers are reported.
This doesn't deserve an LOL!
I have a dealer friend who was in the service. Several times 1 year he withdrew a lot of money and ended up redepositing it. At the end of the year Uncle Sam came after him with a vengeance declaring it income. It took him several years to get it resolved and even had his assets frozen a few times.
Cash only.
How did the IRS get wind of it unless the bank filed a SAR? More often than not 8300s get looked at, but not acted upon.
Well, it’s nice to know cash is still king even as society increasingly wants to be cashless. I have to say I am nervous carrying a lot of cash so I end up doing bigger ticket items online. Horses for courses, I suppose.
Still, thanks everyone! I was honestly curious.
Some cash but typically checks. I'd expect prices to be higher if paying by credit card.
I used to love it when callers would whine that they didn't want to carry that much cash to buy gold from me and take delivery on the spot.
I'd always counter with "Who's gonna carry your gold home?"
It’s a LOL because if $500 means your a drug dealer you’re a pretty bad drug dealer, plus I doubt they do many bank deposits.
If you’re unwilling to use cash then why hang around the coin show business?
Save your green for gambling.
I feel super fortunate that my online dealers for precious metal take my credit card (sometimes a check to save further) at about the same price that I would pay for cash at dealers and they ship, quite safely!
I used to shop at one of the local coin shops in my area. Most of the time, I paid with my debit card. The owner asked one day, that for future purchases he would appreciate cash. No problem. I went back a few weeks later to make a considerable gold purchase and took out the cash for it.....he sighed and said “I’d prefer a bank check for this”. Never returned there again.
Disagree. IMO, society for the most part is not interested in eliminating cash. It's the Government who would prefer to track and tax your every financial move except for those bureaucratic mucky mucks and other "I'm better than you" misfits who feel that laws etc. don't apply to them.
Cash, always. And a checkbook, if I run low.
Most dealers will take checks. All of those I regularly buy and sell to. New dealers (to me) may ask for a reference that can be verified quickly.
Lance.
I use both cash and credit cards. I try to use just cash whenever possible. I don't really like using checks.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
It depends. I will normally have several thousands of dollars of cash on me at a show. If I’m at a show and I’m buying a coin that is greater than the amount of cash I have I’ll write a check and if the dealer doesn’t know me he can mail me the coin when the check clears. Making large cash withdrawals and deposits at a bank is a waste of my time, potentially dangerous, and attracts unnecessary attention with the IRS.
I like using credit cards because it leaves a reliable and permanent digital history of my expensive habits in case the IRS ever has to subpoena my records.
When a dealer sees a pile of hundreds in your hand, sometimes you can get a great deal
Checks is what I pay with. If I sell a coin, and get cash, then I spend it asap...... Don't like having those grimy bills with all of their bacteria and viruses in my pocketses.
Never had a problem using a check.
I stick to some cash or trading other coins
I keep my "coin budget" in the safe. Grab the cash and go to a show. Put back whatever is left. Interest rates are low, so I'm not losing much and Don't have to mess with the bank. Can add to the stash as more cash becomes available, and most important, keeps my coin budget separate from the family budget, which keeps the peace on the homfront. Plus, I still think trying make a deal with cash works better than checks or credit cards. It gives the dealer additional funds in his pocket that he use immediately at the show. If youre new to a dealer, cash shows you're serious IMO
I think I need to invest in tin foil... start a haberdashery.
Cash will ALWAYS be king with me. Nothing screams deal like a fistful of the old readies.