Personal checks accepted at shows?
mirabela
Posts: 5,021 ✭✭✭✭✭
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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If you can provide a dealer reference or two that would help.
I've had dealers take personal checks all the time, I think it's pretty common. However, it's the same as a dealer taking an IOU, so it helps if the dealer knows you or someone can vouch for you if it's an expensive item.
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.
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"
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...
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
If it's an inexpensive coin, there are numerous electronic payment options
If it's an expensive coin, the dealer can always ship to you after the check clears or take a deposit and await a wire transfer in a day or two.
Chopmarked Trade Dollar Registry Set --- US & World Gold Showcase --- World Chopmark Showcase
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). .
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
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
Every dealer does things his own way, of course. FWIW, I've never refused a check from a collector, but I'll occassionally ask if I can ship the coin once the check has cleared.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
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
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!
ATM is in the lobby.
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, Nickpatton, Namvet69,...
They often have a $500 limit or similar. So that doesn’t always work.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
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.
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.
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.
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.
We strongly prefer checks over cash in any venue, though we'd like to have some references if we have not done business with you before.
Coin Rarities Online
Depends how well you and the dealer know each other. CRO said it best. Have a great day all
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.
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.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
No - the biz has enough risks for me than to do that. Additionally everybody knows if it’s a money show bring cash. If they have the money they know where to find an ATM - otherwise shove it.
As a matter of fact per March BNR “our bank notes have not lost their popularity despite what cashless society advocates may claim.” It goes on to state physical cash (not including bank deposits) per US citizen is now $6998. The article further stated 756 million $50 bank notes printed in 2023. A record number for the denomination. Don’t let some dunce or 2bit tirekicker bs you cash no longer important.
Furthermore Indiana and Florida have signed legislation into law that excludes Central Bank Digital Currency (CBDC) from being defined as money.
A $20 1902 PB CH CU 63 NBN sold for $750 at recent show. The buyer paid me in $50 bills. Some of them Gem Unc.
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
I’m > @2ndCharter said:
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 have not encountered that situation before. Thanks.
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, Nickpatton, Namvet69,...
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.
I prefer Bitcoin via phone.
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.
Said like a true tire-kicker... 😉
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.
Thanks -
Think going to make tire kicker T shirts sell at shows. Lining up the artist.
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.
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
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.
Chopmarked Trade Dollar Registry Set --- US & World Gold Showcase --- World Chopmark Showcase
Careful. He knows Davie
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.
Thanksgiving National Battlefield Coin Show is November 29-30, 2024 at the Eisenhower Allstar Sportsplex, Gettysburg, PA. Tables are available. WWW.AmericasCoinShows.com
Given the existence of Venmo, PayPal, Apple Pay and the like, why are we pursuing paper checks that carry risks without protections?
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.
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.
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.
No I don’t take checks or cards at shows. It’s my biz, my money. So as far as some griefer trashing me here / don’t care about their propaganda. Or like Logan Roy of Waystar Royco would say…………Cards can have considerable fees driving up overhead costs. As a matter of fact was considering a card reader but guy setup next to me strongly advised against it. I haven’t encountered somebody wanting pay with check in ages. My occasional assistant / security advisor - x military police (Nato country / Europe) advises against checks (especially if gold coin sale). She has super cyber skills and has been trained to knock an assailant down with one kick then stomp…them. She’s very fascinated with the coin biz.
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.
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.
This is not accurate.
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.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
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.
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.
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.”
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.
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.