@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.
Well, coin dealers are an antiquated lot. I'm surprised every time I pay Stack's that they don't have an e-check option.
@mirabela said:
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 --
You've received some good advice here. It's a two-edged sword. Carrying a lot of cash at a show can be a risk.
But the dealer taking your check takes a risk as well. I've used checks successfully at shows, but most dealers
will ask who you've done business by check with previously. As long as you have other dealers you've done
business with to vouch for you, your check should be accepted. Avoid credit cards. The fees (for those who
accept them) are built into the price, You'll get a better price by using cash, or in many cases, a personal check.
I am cash only at shows. Don’t take checks especially big ticket. Yet have been trashed out here because of that - Dunceville. My assistant is astounded at their hateful idiotic comments - says she would report them.
@mirabela said:
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 --
You've received some good advice here. It's a two-edged sword. Carrying a lot of cash at a show can be a risk.
But the dealer taking your check takes a risk as well. I've used checks successfully at shows, but most dealers
will ask who you've done business by check with previously. As long as you have other dealers you've done
business with to vouch for you, your check should be accepted. Avoid credit cards. The fees (for those who
accept them) are built into the price, You'll get a better price by using cash, or in many cases, a personal check.
It varies by dealer and their risk level. Many Dealers have been burned by bad checks or forced on a narrow spread. I simply want my cash money. I don’t want their checks, online crap, or stupid loser BS. Do they try to push checks on a dancer or waitress at a gentleman’s club like Spearmint Rhino in LA? No - they wouldn’t dare.
@mirabela said:
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 --
You've received some good advice here. It's a two-edged sword. Carrying a lot of cash at a show can be a risk.
But the dealer taking your check takes a risk as well. I've used checks successfully at shows, but most dealers
will ask who you've done business by check with previously. As long as you have other dealers you've done
business with to vouch for you, your check should be accepted. Avoid credit cards. The fees (for those who
accept them) are built into the price, You'll get a better price by using cash, or in many cases, a personal check.
It varies by dealer and their risk level. Many Dealers have been burned by bad checks or forced on a narrow spread. I simply want my cash money. I don’t want their checks, online crap, or stupid loser BS. Do they try to push checks on a dancer or waitress at a club like Spearmint Rhino in LA? No - they wouldn’t dare.
Classic!
Seated Half Society member #38 "Got a flaming heart, can't get my fill"
@Cougar1978 said:
I am cash only at shows. Don’t take checks especially big ticket. Yet have been trashed out here because of that - Dunceville. My assistant is astounded at their hateful idiotic comments - says she would report them.
I guess you and I could not do business at a show unless it were for something that sells for $500 or less. That's about all I'll have on me. I have taken very large checks and never had a problem.
I was dealer for 15 years and had only a handful of bad checks. One was from the same person twice, so that person ended up on a cash only basis with me.
Most dealers, who are traveling, don't want cash at the shows. I've had dealers ask me not to pay them cash and give them a check instead because it's safer for them.
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 ... ?
Understandable - don’t do very many big ticket items over $300-$500 at shows anyway unless gold bullion material (don’t take checks for gold). Mainly security reasons, business focus, bankbox special investment items.
Am sure some big gun dealer $600 hit from bad check not as devastating as it would be with considerably smaller operator. Haven’t had anybody in ages want pay with check / non cash at show anyway. My mentor when starting out who had many yrs in the biz is deceased got burned on a number of bad checks even ones from dealers. But he would not take checks for gold and with good reason. I used to take checks $300 (my risk limit) or under but not any more.
I use mostly checks at shows, but I have a solid reputation and most of the coins I buy are 5 figures so cash isn’t feasible.
As mentioned, for smaller transactions I believe the electronic payment methods are the safest and most practical, along with being feeless.
Zelle is by far the most superior option, but arbitrarily placed limits prevent it from being adopted by all. Some banks are limited to $1000, but there is no fee and it’s not able to be charged back or reversed, you can’t send Zelle with a credit card. It’s as good as cash.
@Cougar1978 said:
I am cash only at shows. Don’t take checks especially big ticket. Yet have been trashed out here because of that - Dunceville. My assistant is astounded at their hateful idiotic comments - says she would report them.
I know this is an uphill battle...but perhaps you and your "assistant" could bother to read the comments???
Not person here has given you a hard time for not taking checks. We're giving you a hard time because of your ridiculous comments and attitude towards every other dealer and collector here, all successful, who do take checks.
Or maybe reading comprehension isn't your thing over there in Dunceville. We're talking big boy coins here, not <$500 coins, beat it tirekicker.
Careful. You now have Davie and Lara Croft to deal with...
@Cougar1978 said:
I am cash only at shows. Don’t take checks especially big ticket. Yet have been trashed out here because of that - Dunceville. My assistant is astounded at their hateful idiotic comments - says she would report them.
I know this is an uphill battle...but perhaps you and your "assistant" could bother to read the comments???
Not person here has given you a hard time for not taking checks. We're giving you a hard time because of your ridiculous comments and attitude towards every other dealer and collector here, all successful, who do take checks.
Or maybe reading comprehension isn't your thing over there in Dunceville. We're talking big boy coins here, not <$500 coins, beat it tirekicker.
Lol all the way to the bank. You really are ignorant of the business lol - cash is king. Everybody knows that. Your attack on cash is blowing in the wind with me. The article in BNR confirms that. Your kidding - Nothing wrong w < $500 material - more profit margin, More buyers can afford it, it all adds up. Thank you for your entertainment but gotta go - have a show to get ready for. Goodbye and good luck.
In the Eisenhower Hotel, I always call a week to ten days ahead and ask that the 2 teller machines be filled prior to the show. That way, those collectors wishing to acquire cash have a way to. Most larger shows have teller machines close by.
Thanksgiving National Battlefield Coin Show is November 29-30, 2024 at the Eisenhower Allstar Sportsplex, Gettysburg, PA. Tables are available. WWW.AmericasCoinShows.com
Usually go to bank perhaps day or 2 before show - get buying cash for walkup sellers (show em the green) / sm bills for change. Even a couple rolls halves. A smart vest pocket trader I know she gives me first dibs on any new pickups she got bc she knows I pay cash. Then I flip them thru show. Some get really strong retail. Sweet.
I’ve never had a problem writing a check. I refuse to carry large amounts of cash for safety reasons. If a dealer I’ve never done business with is uncomfortable with my check I have no problem with them shipping the coin after my check clears. This is mostly a moot point because I don’t think I’ve bought a coin at a show in a long time.
Comments
Well, coin dealers are an antiquated lot. I'm surprised every time I pay Stack's that they don't have an e-check option.
You've received some good advice here. It's a two-edged sword. Carrying a lot of cash at a show can be a risk.
But the dealer taking your check takes a risk as well. I've used checks successfully at shows, but most dealers
will ask who you've done business by check with previously. As long as you have other dealers you've done
business with to vouch for you, your check should be accepted. Avoid credit cards. The fees (for those who
accept them) are built into the price, You'll get a better price by using cash, or in many cases, a personal check.
I am cash only at shows. Don’t take checks especially big ticket. Yet have been trashed out here because of that - Dunceville. My assistant is astounded at their hateful idiotic comments - says she would report them.
It varies by dealer and their risk level. Many Dealers have been burned by bad checks or forced on a narrow spread. I simply want my cash money. I don’t want their checks, online crap, or stupid loser BS. Do they try to push checks on a dancer or waitress at a gentleman’s club like Spearmint Rhino in LA? No - they wouldn’t dare.
Classic!
"Got a flaming heart, can't get my fill"
I guess you and I could not do business at a show unless it were for something that sells for $500 or less. That's about all I'll have on me. I have taken very large checks and never had a problem.
I was dealer for 15 years and had only a handful of bad checks. One was from the same person twice, so that person ended up on a cash only basis with me.
Most dealers, who are traveling, don't want cash at the shows. I've had dealers ask me not to pay them cash and give them a check instead because it's safer for them.
Understandable - don’t do very many big ticket items over $300-$500 at shows anyway unless gold bullion material (don’t take checks for gold). Mainly security reasons, business focus, bankbox special investment items.
Am sure some big gun dealer $600 hit from bad check not as devastating as it would be with considerably smaller operator. Haven’t had anybody in ages want pay with check / non cash at show anyway. My mentor when starting out who had many yrs in the biz is deceased got burned on a number of bad checks even ones from dealers. But he would not take checks for gold and with good reason. I used to take checks $300 (my risk limit) or under but not any more.
I use mostly checks at shows, but I have a solid reputation and most of the coins I buy are 5 figures so cash isn’t feasible.
As mentioned, for smaller transactions I believe the electronic payment methods are the safest and most practical, along with being feeless.
Zelle is by far the most superior option, but arbitrarily placed limits prevent it from being adopted by all. Some banks are limited to $1000, but there is no fee and it’s not able to be charged back or reversed, you can’t send Zelle with a credit card. It’s as good as cash.
Founder- Peak Rarities
Website
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Facebook
Careful. You now have Davie and Lara Croft to deal with...
Lol all the way to the bank. You really are ignorant of the business lol - cash is king. Everybody knows that. Your attack on cash is blowing in the wind with me. The article in BNR confirms that. Your kidding - Nothing wrong w < $500 material - more profit margin, More buyers can afford it, it all adds up. Thank you for your entertainment but gotta go - have a show to get ready for. Goodbye and good luck.
I may have forgotten where my checks are it’s been so long using electronic means.
In the Eisenhower Hotel, I always call a week to ten days ahead and ask that the 2 teller machines be filled prior to the show. That way, those collectors wishing to acquire cash have a way to. Most larger shows have teller machines close by.
Thanksgiving National Battlefield Coin Show is November 29-30, 2024 at the Eisenhower Allstar Sportsplex, Gettysburg, PA. Tables are available. WWW.AmericasCoinShows.com
Cash is king. Take enough for anticipated purchases. Know where the ATM is located in case you need more cash.
Great spirits have always encountered violent opposition from mediocre minds.-Albert Einstein
Usually go to bank perhaps day or 2 before show - get buying cash for walkup sellers (show em the green) / sm bills for change. Even a couple rolls halves. A smart vest pocket trader I know she gives me first dibs on any new pickups she got bc she knows I pay cash. Then I flip them thru show. Some get really strong retail. Sweet.
I’ve never had a problem writing a check. I refuse to carry large amounts of cash for safety reasons. If a dealer I’ve never done business with is uncomfortable with my check I have no problem with them shipping the coin after my check clears. This is mostly a moot point because I don’t think I’ve bought a coin at a show in a long time.