Paying for coins at a large show (aka FUN)

Bochiman

So,

At the local shows, they are small, few dealers, and I have only bought coins for $5-$400. So, I have been writing checks (local so it wasn't an issue) and paying cash.
Now, I am going to FUN.

I am NOT going to carry much cash. Not that I don't trust Florida (I don't ), but I never travel with much cash.
Do dealers take credit cards? Are checks ok? What's the rub?

Thanks,

Ron

PTVETTER

Must do NOT take credit cards however If you know a dealer that will stand up for you at the show your check will be accepted

GAT

Few will accept checks unless they know you.

Bochiman

Yeah, that's what I thought
There goes buyingone or more of the coins I wanted
(I just got a call from my lawyer about an auto accident I was in....I was rear-ended last year....and will be getting high 4 digits after medical and his cut he said....was planning to spend some at FUN).

Was hoping for:
1955 DDO Lincoln
1909S-VDB Lincoln
1909S IHC
1868 IHC
1916d Merc
1877 IHC
A nice proof IHC
(debating a 1995-W PR69DCAM SAE....but, I have trouble spending that much for that one right now...still, only one I don't have)
A pre-1800 coin (obviously, lower grade) or two


Was going to stay away from morgans currently (I believe they went too high, too fast, and I still need the keys for my year set) unless I saw something that I really wanted at a price I am fine with.


Hmmmm.....also sucks that the ATM limits me to $500/day withdrawal, so even if there is one there, I am limited

Maybe, traveler's checks (although, I was hoping not to as the wife will likely see those and I prefer her not too )

rainbowroosie

Use travelers checks

ddbird

Most dealers prefer cash becuase many turn around and by more coins for inventory/personal collection. Just take some checks, there will be a cash machine there for your convenience...Just make sure your spouse knows before you whipe out the savings...

dthigpen

If you're really that worried (I've carried high amounts in cash with me on the plane, around all day, and to the show before with no problems and wouldn't hesitate to do it again) just get some traveller's checks.

saintguru

Hell..I always wire the money to them on the following Monday....but I know the dealers I buy from.

BAJJERFAN

So how would yu handle a $75K deal at a show? Give the dealer a check and he will ship it after the show?

dthigpen

<< <i>So how would yu handle a $75K deal at a show? Give the dealer a check and he will ship it after the show? >>



I would pay via Check. If I had no prior dealings with the dealer in question, I wouldn't expect to get the coin until after the check cleared, if I had, then it would depend on how comfortable he/she was with releasing the coin before.

RYK

Like others, I have usually paid by check as by now, I am "known". Be flexible and keep an open mind. If you are dealing with a seller who wants to keep your check and send the coin later, make sure he is "known".

Bochiman

Any dealer want to vouch for me?

If I saw something that I really wanted, and only had a check and they would send it after the show....I think there are only a couple dealers I would do this with......
I am not known (since i only got back into coins a couple years ago) and I don't know others. So, unless it were a board member/dealer, I doubt I would do that...I would just NOT get the coin I want

fountainheadgold

Don'tWorry aboutit, Find the coin first

kryptonitecomics

I was going to pay with beads and trinkets


Now I am going to have to actually take greenbacks!!!

mrearlygold

<< <i>Any dealer want to vouch for me?





Not in Florida


Tom

clackamas

Call your bank and get a temporary increase in your daily debit limit. I have had mine go to over $5k a day, then get cash when you need it. Of course it sounds like you are going to be spending more than 5K with that christmas list.

Cheers,

brian

Bochiman

I was wondering about that...if the Credit Union would do a temp increase in daily amount.....
I will have to talk to them...thanks Brian!

No...that list is not an "ALL" list....it is a "1 or two of these" list.
I want to get a key or two. Even if I don't do the series.

As with you, I have a 2 (almost 3) year old. I want to enjoy some coins and want to leave him a legacy and if he really gets into collecting, as I suspect he may, I would rather purchase something "today" than have him not be able to purchase it in 10-20-30 years due to increases.
Or, if that isn't the case, then I may have something for the retirement/old age

Ron

stman

I used to bring a fair amount of cash to shows, with a few blank checks in my wallet. I've never had a problem with a dealer taking my check.

Many know me, but even the dealers that don't have always been glad to take the check. Actually some prefer a check over cash believe it or not.
I really think it's my charming personality, and my honest face is why they take my checks though.

Edit to add.... these days I bring very little cash, and of course a few checks.

Coppernicus

I'll write the dealer a check, and arrange with him to ship the coin when the check clears - never had a problem with this method. Of course, if it's a slabbed coin, I make careful note of the serial number!!

Mike

IrishMike

You'd best answer yourself this question, is it safer to carry 5 grand hidden on yourself or stand in front of an ATM and let the world watch as you crank out a bunch of cash. Most of our ATM's are loaded with a maixmum of 20K and we pretty much know when it needs to be replenished. You might be running all over Southern Fla sucking out cash from different ATM's. Some may have a limit to how much you can withdraw, regardless of your credit union raising your dailey limit.

I don't know how much you plan on spending, but ask your credit union if they will issue you some type of nonbinding letter vouching for you in some way along with an officer's signature and accessible phone number. For example the letter might read, Mr Bochiman has been a client of ours since 19XX and maintains an average balance of medium four figures in his account and has never had a check returned, blah blah blah. I have done this before for clients in lieu of issuing an L/C (irrevocable letter of credit).

Travelers checks are a good alternative but I had a bank refuse to cash one because I wasn't one of their customers, the check was for twenty bucks. The bank manager just stared at me dumbly when I asked him why his customers would be running around with travelers checks. One of the things a bank agrees to do to be allowed to sell them is to also cash them. Well it was in Houston TX, I should have expected it.

relayer

Only take as much cash with you as you can afford to lose.

Oh wait, that's the rule for Las Vegas

FullStepJeffs

<< <i>Maybe, traveler's checks (although, I was hoping not to as the wife will likely see those and I prefer her not too ) >>




How about strictly bank check or good old American Cash! Buy yourself a really good briefcase... leave the money in the hotel safety deposit box... but really don't tell the wife!

zzzz

Write a check ..
Let the dealer send you the coin ...


Why do you want to carry all those coins around ???

If you fly there why would you want to carry on the coins???
You go one way the coins go another and the TSA agents end up with the coins ..

ksteelheader

Most of the dealers I deal with at shows will tell me to take the coin home and send the money later! But, you need to know the dealer and have established a good relationship!

Ken

BAJJERFAN

I guess if I had $75K or more to spend I would have a way to make the check good as well. I can provide references for a few $K but not sure how things would go for the big money stuff.

rkfish

ahh.......BAJ is being to shy.....I've heard dealers vouch for him in the six figure range

for us....if it's over $300 we require another dealer reference if we have had no prior transactions in the past
or as others have mentioned...we'll accept the check and ship the coin the following week....with the new check21
law it only take hours, at times, for a check to clear now...

BAJJERFAN

six figgers huh?
when they start countin like like this maybe $895.255

Julian

I am happy to accept checks with references and ID.

I will also accept credit cards, with references and/or great ID.

Most dealers will definitely accept checks. Fewer are able to take credit cards.

The bottom line is that the dealer has to be comfortable that he will be able to process the transaction quickly and without aggrevation, when he returns home.

ScarsdaleCoin

As a dealer I would also be willing to accept a check and ship you the coin after the check clears.....speaking of travel checks.....some dealers really do not like them.....alternate is that you can buy US Postal Money Orders....enjoy

TomB

I've never had a problem paying by check, but many folks already know me. If you are a relative unknown on the floor you may still write a check; simply ask the dealer to mail the coin to you after the check clears.

BAJJERFAN

Would it be appropriate to ask another dealer who WOULD take your check to acquire the coin for you from another dealer with whom you have never done business if the coin was for a large amount say $50K and you wanted the coin in your pocket when you left the bourse? If so what kind of fee would be appropriate here or shud YOUR dealer negotiate a slightly lower price and pocket the difference?

BASEagle

<< <i>Why do you want to carry all those coins around ??? >>




That's a good question - you're not comfortable carrying around a large amount of cash, but you would be comfortable carrying around coins worth the same amount?


Mike

Julian

Just get that dealer to tell the other dealer that he would take your check and almost certainly the selling dealer will take it, and let you take the coin with you.

That is of course, if the seller knows your dealer friend.

Bochiman

I would be more comfortable (literally and figurately, carrying around a few key coins (say, maybe 15-20 total) than I would carrying around $2000-$4000 cash, yes.
I would do the carryon for the airline (and send the wife through the line first to watch for things).
I wouldn't have tons of $100s in my wallet and wouldn't worry about someone seeing me pull them out.

Lot of great thoughts on this and things I hadn't even thought of. I really appreciate it all folks!
I have received a few PMs of dealers on here that will be there and will vouch for me (and promised to string me up by my entrails if I wrote a bum check ....which, luckily, I don't/wouldn't do....I like my entrails as they are).
I really thank them. As Tom said, none in Florida though


Hey.....Bajjerfan mentioned something I hadn't even thought of......since dealer-dealer transactions sometimes get better breaks, maybe one of the dealers I do know may get a coin cheaper and sell it to me and still get a fee so everyone wins...hmmmmm

Elcontador

Summary:

If people know who you are, your check is good. If they don't, get some good references and your check will probably be fine.

In a worst case scenario, you'll get the coin when the check clears. Caveat: you better know whom you are dealing with if you're giving him your check before you get your coin.

Most of the majors take credit cards; most everyone else does not. Expect the 3% card fee to be built into the price of the coin(s).

If you're going to carry cash, do so discreetly. I don't like the idea of going up to an ATM machine at a coin show, announcing to the whole world that you are now a bank with legs. If you're doing the ATM route, far better to get your $ before going to the show.

RYK

Bochiman,

I am in agreement with fountainheadgold. Concentrate on finding the coins that you want and having fun and then worry about the terms. I have never heard of someone not being able to get the coin because of the check vs. credit vs. cash thing, the "known" or unknown collector issue, etc. If you find a coin you like, any reasonable dealer will make it happen for you. Above all, be safe, hook up with forum members, and have fun at FUN!

ScarsdaleCoin

Regarding carrying coins.....remember you can ship via US post office at most major shows back to you.....this way you dont have to worry about carrying them....

vinman

Hi, I am a Dealer who is running the New HJaven Ct Show and I accept Visa and Mastercard and process the card right at at the show. I only accept personal checks with multiple ID's