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Personal checks accepted at shows?

mirabelamirabela Posts: 4,969 ✭✭✭✭✭

Hey, hive mind -- sorry if this question has been asked and answered before, but -- how common is it for dealers at shows to accept a personal check from a collector? I've always paid cash in the past, but suppose I were to light on something I want to buy that exceeds the ready cash I have on hand -- is it normal for dealers at shows to take personal checks, or would it be thought a weird presumption to ask?

Thanks for any insight you can offer --

mirabela
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    JW77JW77 Posts: 460 ✭✭✭✭✭

    If you have never done business with a dealer it is unlikely they will take a personal check. However, once you are a repeat customer and have a relationship, I would expect such dealer to accept your personal check. At least that has been my experience. Also, is it a $50 coin or $20,000 and is the amount of the personal check at a level consistent with prior purchases. That also factors into the equation.

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    CatbertCatbert Posts: 6,603 ✭✭✭✭✭

    Yes. I always provide my driver's license and allow a picture of my license that they can retain for reference. If necessary, I provide other dealer references.

    "Got a flaming heart, can't get my fill"
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    labloverlablover Posts: 3,602 ✭✭✭✭✭

    I once asked a dealer if he'd accept my personal check with references. He let me know right-away that anyone coming to a coin show should have cash to pay for what they want. I moved along...

    "If there are no dogs in Heaven, then when I die I want to go where they went." Will Rogers
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    2ndCharter2ndCharter Posts: 1,641 ✭✭✭✭✭

    I've used only personal checks at shows for many years - of course, I can always point to at least a dozen dealers at major shows to provide references. Only one time did I run into a dealer who was cash only so I just walked away.

    Member ANA, SPMC, SCNA, FUN, CONECA

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    WalkerfanWalkerfan Posts: 8,974 ✭✭✭✭✭
    edited February 28, 2024 4:53PM

    It happens a lot. If you have references or the dealer knows you; they'll accept it.

    Otherwise, be prepared to show them your drivers license. They will make a copy of it and then accept your check (usually). .

    “I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~

    My Full Walker Registry Set (1916-1947)

    https://www.ngccoin.com/registry/competitive-sets/16292/

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    Mr_SpudMr_Spud Posts: 4,447 ✭✭✭✭✭
    edited February 28, 2024 8:22PM

    Some dealers look me over and end up deciding to accept my checks at shows if they don’t know me, others ask for references from other dealers at the show. They often ask for my drivers license and write down the license number when they do that. I don’t remember ever being turned down though. And once a dealer already knows you they readily accept checks in my experience.

    Mr_Spud

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    epcepc Posts: 161 ✭✭✭✭

    Yeah, I pay mostly by check, occasionally cash, and rarely credit. For checks, dealers who don't know me ask for my DL. Once I was asked for a reference, and the dealer got the okay from CVM on the spot. Of course, dealers who know me know my checks are good.

    Collector of Liberty Seated Half Dimes, including die pairs and die states

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    CoinHoarderCoinHoarder Posts: 2,469 ✭✭✭✭✭

    At a coin show, I always pay cash. I would not even consider any other method of payment. If I run into a circumstance where I need some more money, I will go to an ATM and get the rest of the cash. Even with my local coin shop, I would never ask them to accept any other form of payment, other than cash. Cash is King!

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    oih82w8oih82w8 Posts: 11,900 ✭✭✭✭✭

    ATM is in the lobby.

    oih82w8 = Oh I Hate To Wait _defectus patientia_aka...Dr. Defecto - Curator of RMO's

    BST transactions: dbldie55, jayPem, 78saen, UltraHighRelief, nibanny, liefgold, FallGuy, lkeigwin, mbogoman, Sandman70gt, keets, joeykoins, ianrussell (@GC), EagleEye, ThePennyLady, GRANDAM, Ilikecolor, Gluggo, okiedude, Voyageur, LJenkins11, fastfreddie, ms70, pursuitofliberty, ZoidMeister,Coin Finder, GotTheBug, edwardjulio, Coinnmore...
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    RYKRYK Posts: 35,789 ✭✭✭✭✭

    I have never been denied a purchase for using a check at a show, but a few times I had to give a reference. After a while, I became known by the dealers I did most of my buying from, so it was not an issue.

    More recently, it seems like dealers are accepting electronic payment at shows, especially Zelle. I never carry cash and frankly would not me comfortable transacting above a certain price point in cash, nor would I be able to pull it from the ATM in the lobby.

    A wise dealer once told me that I should be concerned about the dealer’s check, especially at the smaller shows.

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    BryceMBryceM Posts: 11,733 ✭✭✭✭✭
    edited February 28, 2024 8:49PM

    If you run into trouble, just have them ship the coin to you once the check clears.

    As others have said, on many occasions I’ve had unknown dealers walk across the room to ask a known dealer if my check would be good. After a while, people start to know you, or can tell by your demeanor and speech patterns that you’ve been around the block a few times. Simple, clean transactions help. If it looks like you’ve got to get home and sell a car or a kidney to make it work, and offer them a half-dozen so-so coins in trade, it’s less likely to work.

    Reputation is everything.

    One thing many people don’t know but should involves the fees associated with debit and credit card transactions. Pay with a credit card and the dealer only gets 97% of the money. Pay with AmEx, and it’s even worse.

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    lkeneficlkenefic Posts: 7,829 ✭✭✭✭✭

    I started off by buying lesser value items (~$200) with cash. As my collecting got more targeted and the value of the coins increased, checks became preferable... especially when I was buying from dealers I'd done business with before.

    Collecting: Dansco 7070; Middle Date Large Cents (VF-AU); Box of 20;

    Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
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    johnny9434johnny9434 Posts: 27,512 ✭✭✭✭✭

    Depends how well you and the dealer know each other. CRO said it best. Have a great day all

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    PerryHallPerryHall Posts: 45,436 ✭✭✭✭✭

    @RYK said:
    A wise dealer once told me that I should be concerned about the dealer’s check, especially at the smaller shows.

    I know of a few instances where a dealer got a bad check from another dealer. In one case, the dealer receiving the bad check wrote "BAD" across the face of the check in red magic marker and put it in his display case for everyone to see. It didn't take long before word got back to the bad check writer who ran up with the cash to buy his check back. :D
    It's very important for a coin dealer to have a good reputation if he wants to deal with other dealers.

    Worry is the interest you pay on a debt you may not owe.

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    2ndCharter2ndCharter Posts: 1,641 ✭✭✭✭✭

    If they have the money they know where to find an ATM - otherwise shove it.

    How many ATMs allow you to draw $15K to $20K at a time? Asking for a friend.

    Member ANA, SPMC, SCNA, FUN, CONECA

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    Cougar1978Cougar1978 Posts: 7,637 ✭✭✭✭✭
    edited February 29, 2024 8:03AM

    I’m > @2ndCharter said:

    If they have the money they know where to find an ATM - otherwise shove it.

    How many ATMs allow you to draw $15K to $20K at a time? Asking for a friend.

    Not worried about that. Do you think a dealer would take a $15 k check from some walkup off the bourse? Get outta here.

    So Cali Area - Coins & Currency
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    oih82w8oih82w8 Posts: 11,900 ✭✭✭✭✭

    @Walkerfan said:

    @oih82w8 said:
    ATM is in the lobby.

    They often have a $500 limit or similar. So that doesn’t always work.

    I have not encountered that situation before. Thanks.

    oih82w8 = Oh I Hate To Wait _defectus patientia_aka...Dr. Defecto - Curator of RMO's

    BST transactions: dbldie55, jayPem, 78saen, UltraHighRelief, nibanny, liefgold, FallGuy, lkeigwin, mbogoman, Sandman70gt, keets, joeykoins, ianrussell (@GC), EagleEye, ThePennyLady, GRANDAM, Ilikecolor, Gluggo, okiedude, Voyageur, LJenkins11, fastfreddie, ms70, pursuitofliberty, ZoidMeister,Coin Finder, GotTheBug, edwardjulio, Coinnmore...
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    Cougar1978Cougar1978 Posts: 7,637 ✭✭✭✭✭
    edited February 29, 2024 8:10AM

    In the past I had a $50 limit on checks but lately nobody has tried push a check and I am more skeptical now about buyers not sure even take that check amount. A lot of them coming to shows there to steal - don’t look away if showing somebody multiple items.

    As far as $15k buyers - never encountered one. The highest one guy paying $8k cash in the 90’s on several coins. Most people coming in bourse doing good have even $300. Many (ignorant) think coin dealers rich with big spender buyers, that’s hardly the reality.

    So Cali Area - Coins & Currency
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    TwoSides2aCoinTwoSides2aCoin Posts: 43,848 ✭✭✭✭✭

    I prefer Bitcoin via phone.

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    Walkerguy21DWalkerguy21D Posts: 11,150 ✭✭✭✭✭

    I’ve been writing checks at shows for decades and never been denied. Once in a great while they ask to see a driver’s license, or a reference, or ask for some cash instead of paying the whole amount by check.

    Successful BST transactions with 170 members. Recent: Tonedeaf, Shane6596, Piano1, Ikenefic, RG, PCGSPhoto, stman, Don'tTelltheWife, Boosibri, Ron1968, snowequities, VTchaser, jrt103, SurfinxHI, 78saen, bp777, FHC, RYK, JTHawaii, Opportunity, Kliao, bigtime36, skanderbeg, split37, thebigeng, acloco, Toninginthblood, OKCC, braddick, Coinflip, robcool, fastfreddie, tightbudget, DBSTrader2, nickelsciolist, relaxn, Eagle eye, soldi, silverman68, ElKevvo, sawyerjosh, Schmitz7, talkingwalnut2, konsole, sharkman987, sniocsu, comma, jesbroken, David1234, biosolar, Sullykerry, Moldnut, erwindoc, MichaelDixon, GotTheBug
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    jmlanzafjmlanzaf Posts: 31,943 ✭✭✭✭✭

    @2ndCharter said:
    If they have the money they know where to find an ATM - otherwise shove it.

    How many ATMs allow you to draw $15K to $20K at a time? Asking for a friend.

    Said like a true tire-kicker... 😉

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    mirabelamirabela Posts: 4,969 ✭✭✭✭✭
    edited February 29, 2024 8:44AM

    OK, well this has been super informative and reveals a range of realities from yes, it happens all the time, to no, I wouldn't dream of it. Thanks to everybody who has weighed in.

    As I said in the OP I've only used cash at shows before. I'm happy to carry cash up to $X, but some of the things I'm in the market for cost five to eight times that. I've done my more expensive buying in the past by check from dealers through the mail, from Heritage and GC, etc., but I wouldn't want the mechanics of payment to be what puts me off a great coin I encounter at a show if it should happen that I do.

    mirabela
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    Cougar1978Cougar1978 Posts: 7,637 ✭✭✭✭✭
    edited February 29, 2024 8:46AM

    Thanks -
    Think going to make tire kicker T shirts sell at shows. Lining up the artist.

    So Cali Area - Coins & Currency
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    etexmikeetexmike Posts: 6,795 ✭✭✭

    In the past I usually took cash to coin shows. Now that I have retired that doesn't seem to be much of an issue. Checks it is.

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    2ndCharter2ndCharter Posts: 1,641 ✭✭✭✭✭

    Not worried about that. Do you think a dealer would take a $15 k check from some walkup off the bourse? Get outta here.

    I've done it more than once - of course, I can walk over to the Heritage or StackBowers tables and get half a dozen people to vouch for me.

    Member ANA, SPMC, SCNA, FUN, CONECA

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    lermishlermish Posts: 1,944 ✭✭✭✭✭

    @Cougar1978 said:
    I’m > @2ndCharter said:

    If they have the money they know where to find an ATM - otherwise shove it.

    How many ATMs allow you to draw $15K to $20K at a time? Asking for a friend.

    Not worried about that. Do you think a dealer would take a $15 k check from some walkup off the bourse? Get outta here.

    Yes. I bought a $25k coin with a check from a dealer who did not know me with very little vouching.

    Also, with all of your posts combined here, you haven't made a single valid or thoughtful point. You are the tire kicker of this forum. You haven't encountered these situations because you sell dreck on the bourse. Better to throw it on the bay and let it rip.

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    jmlanzafjmlanzaf Posts: 31,943 ✭✭✭✭✭

    @lermish said:

    @Cougar1978 said:
    I’m > @2ndCharter said:

    If they have the money they know where to find an ATM - otherwise shove it.

    How many ATMs allow you to draw $15K to $20K at a time? Asking for a friend.

    Not worried about that. Do you think a dealer would take a $15 k check from some walkup off the bourse? Get outta here.

    Yes. I bought a $25k coin with a check from a dealer who did not know me with very little vouching.

    Also, with all of your posts combined here, you haven't made a single valid or thoughtful point. You are the tire kicker of this forum. You haven't encountered these situations because you sell dreck on the bourse. Better to throw it on the bay and let it rip.

    Careful. He knows Davie

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    MICHAELDIXONMICHAELDIXON Posts: 6,411 ✭✭✭✭✭

    I've had dealers ask me for references on collectors I know and have dealt with who come to Gettysburg and want to write checks. After I vouch for them, the dealers take their checks. Several years ago, an affluent lady I know and deal with wanted to write a dealer a check for $6k and he would not take her check. I wrote him a check for the $6k coin and then I took her check.

    Spring National Battlefield Coin Show is September 5-7, 2024 at the Eisenhower Hotel in Gettysburg, PA. WWW.AmericasCoinShows.com
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    jmlanzafjmlanzaf Posts: 31,943 ✭✭✭✭✭

    Given the existence of Venmo, PayPal, Apple Pay and the like, why are we pursuing paper checks that carry risks without protections?

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    willywilly Posts: 284 ✭✭✭✭✭

    I used to carry cash to shows but no longer do. Just a thousand or two for small items. I use checks and Venmo, Zelle ect. now. I have done checks for over $10,000 and all that was needed was a Drivers License and maybe name a few dealers I have dealt with in the past. It is totally unrealistic to expect people to carry thousands of dollars cash now days. To start with it will trigger reports to the Government for doing large withdrawals and technically the dealer is supposed to report large cash transactions. @Cougar1978 just says the same stuff over and over again in every thread. All he cares about is making money. Dealers like Doug DWN and John CRO must be idiots in his mind to want checks instead of cash. Probably a post I should wait 30 seconds before posting or ask my wife about first. :#

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    humanssuckhumanssuck Posts: 319 ✭✭✭✭✭

    As a consumer who regularly attends shows that he sets up at, I for one appreciate cougar1978 being very transparent on how he does business so i can make informed decisions on whether or not to do business with him.

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    Project NumismaticsProject Numismatics Posts: 1,335 ✭✭✭✭✭

    @jmlanzaf said:
    Given the existence of Venmo, PayPal, Apple Pay and the like, why are we pursuing paper checks that carry risks without protections?

    This!!! There are multiple fee free electronic payment options. No one has to walk around worried about being mugged or whether the check is good. It also creates a convenient electronic record which helps with bookkeeping on both ends.

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    BillJonesBillJones Posts: 33,484 ✭✭✭✭✭

    I have paid for items with checks at shows for over 40 years, and never had a problem. A great many dealers know my face, which makes it easy. The few times I have been questioned, I tell them to check with Heritage Auctions or someone else in the room.

    Running around with a lot of cash is dangerous. Paying by check also gives you a paper trail for the IRS. I do everything above board.

    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
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    BillJonesBillJones Posts: 33,484 ✭✭✭✭✭

    @jmlanzaf said:
    Given the existence of Venmo, PayPal, Apple Pay and the like, why are we pursuing paper checks that carry risks without protections?

    Perhaps because those agencies charge the dealers 3% which is added to the cost of the item you are buying? Auction houses charge you more for credit cards and the like.

    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
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    RYKRYK Posts: 35,789 ✭✭✭✭✭

    @BillJones said:

    @jmlanzaf said:
    Given the existence of Venmo, PayPal, Apple Pay and the like, why are we pursuing paper checks that carry risks without protections?

    Perhaps because those agencies charge the dealers 3% which is added to the cost of the item you are buying? Auction houses charge you more for credit cards and the like.

    All of the above can be feeless transactions, and Zelle, which is an instantaneous money transfer between accounts.

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    jmlanzafjmlanzaf Posts: 31,943 ✭✭✭✭✭
    edited February 29, 2024 5:17PM

    @BillJones said:

    @jmlanzaf said:
    Given the existence of Venmo, PayPal, Apple Pay and the like, why are we pursuing paper checks that carry risks without protections?

    Perhaps because those agencies charge the dealers 3% which is added to the cost of the item you are buying? Auction houses charge you more for credit cards and the like.

    This is not accurate.

    1. There are fee-less direct payment options available depending on the status (business or personal) of your account and your funding mechanisms. In many instances, they function the same as cash and NOT the same as a credit card.
    2. If one applies, you can easily pass on the 3% fee to the customer as a convenience fee.

    I would never pay someone I don't know with a check, even if they would take it. I offer to pay the 3% or 3.5% fee, if it applies, because it gives me charge back options and consumer protections.

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    WalkerfanWalkerfan Posts: 8,974 ✭✭✭✭✭

    @jmlanzaf said:

    @BillJones said:

    @jmlanzaf said:
    Given the existence of Venmo, PayPal, Apple Pay and the like, why are we pursuing paper checks that carry risks without protections?

    Perhaps because those agencies charge the dealers 3% which is added to the cost of the item you are buying? Auction houses charge you more for credit cards and the like.

    This is not accurate.

    1. There are fee-less direct payment options available depending on the status (business or personal) of your account and your funding mechanisms. In many instances, they function the same as cash and NOT the same as a credit card.
    2. If one applies, you can easily pass on the 3% fee to the customer as a convenience fee.

    I would never pay someone I don't know with a check, even if they would take it. I offer to pay the 3% or 3.5% fee, if it applies, because it gives me charge back options and consumer protections.

    That’s why dealers are afraid of credit cards, because of chargebacks. Then they get left holding the bag. No Coin and no cash.

    “I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~

    My Full Walker Registry Set (1916-1947)

    https://www.ngccoin.com/registry/competitive-sets/16292/

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    jmlanzafjmlanzaf Posts: 31,943 ✭✭✭✭✭

    @Walkerfan said:

    @jmlanzaf said:

    @BillJones said:

    @jmlanzaf said:
    Given the existence of Venmo, PayPal, Apple Pay and the like, why are we pursuing paper checks that carry risks without protections?

    Perhaps because those agencies charge the dealers 3% which is added to the cost of the item you are buying? Auction houses charge you more for credit cards and the like.

    This is not accurate.

    1. There are fee-less direct payment options available depending on the status (business or personal) of your account and your funding mechanisms. In many instances, they function the same as cash and NOT the same as a credit card.
    2. If one applies, you can easily pass on the 3% fee to the customer as a convenience fee.

    I would never pay someone I don't know with a check, even if they would take it. I offer to pay the 3% or 3.5% fee, if it applies, because it gives me charge back options and consumer protections.

    That’s why dealers are afraid of credit cards, because of chargebacks. Then they get left holding the bag. No Coin and no cash.

    I wouldn't be surprised if that is part of the reason, possibly a major part. But something like PayPal provides protection to both parties. That's why I always use that with people I don't know. And, as either the buyer or seller, I offer to pay the 3.5% because I feel it provides guarantees to both parties which should make the deal more palatable to both.

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    jkrkjkrk Posts: 966 ✭✭✭✭✭

    Still trying to learn the biz, so I find this post, interesting.

    I todays world can anyone guess, what percent of sales at shows, are done in cash?

    Most of our sales go through E-bay so it was a learning experience when we were paid through Zelle about 2 years ago.

    We're not exactly Tech savvy.

    Never have been to a show but maybe this year we'll make it? It's a low priority but I'll Call it a bucket list item.

    If we were interested in buying something, Probably would pay through Paypal, since we're basically off the radar.

    Besides, I wouldn't trust anyone who would vouch for us.

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    Cougar1978Cougar1978 Posts: 7,637 ✭✭✭✭✭
    edited March 1, 2024 12:47AM

    We buy low sell high, work our angle, bank lots, gulp down the free show food, and have fun. Beyond that we don’t owe nobody nothin. Just the stuff they bought or payment for what we procured. No free ride in RCI. Do you care? Checks - we tack on 25pct transaction fee. Oh our kick the tirekicker t shirts free with $200 purchase or more. If coin PQ / 50 pct quality tackon plus free t shirt “high buyer.”

    So Cali Area - Coins & Currency
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    jmlanzafjmlanzaf Posts: 31,943 ✭✭✭✭✭

    @jkrk said:
    Still trying to learn the biz, so I find this post, interesting.

    I todays world can anyone guess, what percent of sales at shows, are done in cash?

    Most of our sales go through E-bay so it was a learning experience when we were paid through Zelle about 2 years ago.

    We're not exactly Tech savvy.

    Never have been to a show but maybe this year we'll make it? It's a low priority but I'll Call it a bucket list item.

    If we were interested in buying something, Probably would pay through Paypal, since we're basically off the radar.

    Besides, I wouldn't trust anyone who would vouch for us.

    Coin shows are dominated by older collectors. That's why you see mostly cash and check transactions. In recent years, I've seen more and more cards due to phone cards readers and electronic payments. I even know one guy who takes dozens of different crypto payments.

    When my Dad died last year, my mom sold the family home and moved into a senior apartment. We sold everything at garage sales and on FB marketplace. It was eye opening. Since I was the only sibling set up for electronic payments, half the money went through me because people, even at the garage sale, were using Venmo, PayPal, Zelle, etc. For younger people, this was more common than not.

    Electronic payment methods continue to grow in popularity because of the convenience. I think the coin shows off the future will see the cash payments continue to decrease.

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    BillJonesBillJones Posts: 33,484 ✭✭✭✭✭

    @RYK said:

    @BillJones said:

    @jmlanzaf said:
    Given the existence of Venmo, PayPal, Apple Pay and the like, why are we pursuing paper checks that carry risks without protections?

    Perhaps because those agencies charge the dealers 3% which is added to the cost of the item you are buying? Auction houses charge you more for credit cards and the like.

    All of the above can be feeless transactions, and Zelle, which is an instantaneous money transfer between accounts.

    I pay Heritage with fee less transfers over the computer, but none of the other firms with whom I do business offer that service. They are often very explicit. If you don’t pay by check, you pay 3% more.

    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?

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