Using Credit Cards at Coin Shows

Woodwind

My question mostly relates to the upcoming Long Beach show. It's my first time in over a year that I'll be attending.

Anyway, are more dealers accepting credit cards at coin shows? I remember that only a handful of dealers would accept them for the longest time, but the last time I went in 2006 it seems that a few more were taking them. I'm just wondering if that trend has continued to even more dealers.

I just don't want to lug all that cash around, and I don't know any dealers well enough for personal check referals. Trust me, I won't overspend.

Thanks.

vplite

I have always taken cash. Then I know I will not "overspend".

Needless to say you will get the most for your money with greenbacks.

They are held in high esteem in spite of some posting to the contrary.

BillJones

Credit card companies charge a fee to the sellers. That means the sellers will pass the cost of that fee along to you. For stuff low mark-ups, like bullion coins, that fee will probably cost you money. For most deals cash, or better still a good check speaks LOUDER than a credit card.

My advice is save the credit card for the department store or the gas station. At coin shows cash and checks rule.

SilverEagles92

NO NO NO NO NO. Take cash if you want to buy anything. I had to learn this the hard way at the ANA show last March. Didn't bring any cash, and only had a credit card with me, and I couldn't get cash out of an ATM. Bring cash.

notwilight

I noticed lots of dealers taking credit cards at LB last fall including one dealer of gold that I bought a couple of Saints from. They charge an extra 2% or something. I know some people including one forum member I spoke to yesterday are not real careful carrying large amounts of cash with them. Also, if you're buying anything over $10k there are special rules for cash. Most dealers will take a check but I always worry about that.

If there are any bad guys who found this thread, the bulge in my briefcase isn't cash.

--Jerry

BillJones

The IRS cash reporting rules are why many dealers prefer checks to cash. It's also safer for them to carry checks home. Get yourself a good reputation and bring your checkbook. I’ve only had one dealer in 40+ years of buying coins at shows who refused to take my check, and he is one of the biggest jerks in the business. All you have to do is mention his name, and you see people roll their eyes.

Once you have done business with a few of regular dealers at the major shows, they will vouch for your check and you are all set.

doh

I agree, don't waste your time with credit cards. 1st you'll have to find a dealer who accepts them, 2nd you'll have to find something at his table you want and 3rd you'll have to see how much he'll charge you because you're paying with a credit card. I bought a CBH from a dealer for just under $500 at a show once and he took my check. I had never met him before, I had no referrals, just my check and my drivers license. I don't have his name to share, but he was a very good guy. I think most dealers will take checks if you provide address and phone number, etc.

Coxe

CASH. If you are a Heritage Legacy person, you might get their nod as a voucher of decency for a personal check. Can also trade coins and effect a an in-kind, untaxable exchange too. That is trickier though since hte seller needs to want you coin(s).

Tootawl

Cash talks.
Credit walks.

vplite

<< <i>The IRS cash reporting rules are why many dealers prefer checks to cash. ... >>



I have never found the IRS reporting requirement to rear its ugly head. I like to pay cash and use my first name. Always works.

jessewvu

Would sellers feel more comfortable taking checks from "unknowns" if you could have them write down your drivers liscense number or something along those lines?

Would a seller agree to hold a coin from a show for you while your check cleared?

edited to add:

Is it considered bad taste to carry around a red book (or other notes) to check values of coins to figure out if the seller is ripping you off or not?

vplite

From what I've seen, sellers should send a limo to pick you up if you are paying Redbook prices. Not always, but mostly.

Edited for typo

Woodwind

Thanks for all the input. I'm convinced that I should bring cash. I know my credit cards allow a cash withdrawl so I'll probably go that route. Yeah, I know there's interest, but with some additional funds coming my way soon (but not before Long Beach) I'm going to have it paid off very quickly anyway.

Julian

I take cc's at shows with appropriate id. I also take checks. I would rather have a check than a credit card. Either have references or great ID.

Coxe

<< <i>Is it considered bad taste to carry around a red book (or other notes) to check values of coins to figure out if the seller is ripping you off or not? >>



A seller knows how much he/she has into a coin and how much potential there is in it as well. If they can get a deal that will ,ake them money or bail them out reasonably on a burial coin, they won't care where you get your price from. Also, neer discount the intrinsic value established dealers sense in a potential forward business relationship. he one thing better than a customer is a repeat customer.

I would say to come to a show a prepared and focused as possible. It is very easy, at a large show, to become distracted by very nice material on the periphery of you collecting center. Know what you are looking for, grades and values. It makes things go more smoothly and efficiently. A single sheet, maybe two, usually is sufficient. I cherrypick hundreds of varieties when going to the show and I need no more than a crib sheet (and that is a maybe need) and a grey sheet.

Cougar1978

Do many dealers take cards at shows? As dealer how has taking credit cards worked for you in increasing sales.

mikee999

The safest way is personal checks as long as you have dealer references.
I’ve bought many 4-5 digit coins at LB w/zero problems.

DoubleEagle59

Always take cash and don't buy over-graded coins!!

hfjacinto

I always pay cash, as 1 it keeps me on budget and 2 you generally get a better price

Ebeneezer

At the PAN show I've noticed an increase in their use over the past few years, still only about 25% of the dealers do so. Which is kind of surprising as it's the largest coin show in the North East.

MilesWaits

Bitcoin!
Or try Ether for some chuckles.

jerseyben

The people in this thread are completely leaving out "E-payment" options: PPFF, Venmo, Zelle, etc. I have used this method to pay several times. In fact, the only method I have never actually used to pay at a coin show is just a plain old credit card.

jmlanzaf

@jerseyben said:
The people in this thread are completely leaving out "E-payment" options: PPFF, Venmo, Zelle, etc. I have used this method to pay several times. In fact, the only method I have never actually used to pay at a coin show is just a plain old credit card.

Agree. You can't even have a garage sale without taking Venmo or paypal.

Walkerfan

If you’re buying a $500 coin, then cash is probably the best. But let’s say you’re buying a $10,000 coin, then carrying that much cash can be a real liability. Credit cards charge fees that the seller will definitely pass along to you. More dealers do take them now, though, and they are nice to use as a convenience. But a good check along with a reference or else a photo ID are your safest bet, when buying expensive coins.

CoinHoarder

At a coin show:

Always, cash on the barrelhead.

PeakRarities

@jerseyben said:
The people in this thread are completely leaving out "E-payment" options: PPFF, Venmo, Zelle, etc. I have used this method to pay several times. In fact, the only method I have never actually used to pay at a coin show is just a plain old credit card.

I'm not so sure they left them out, they probably didnt exist yet. This thread is 15 years old

291fifth

At coin shows cash is king.

TwoSides2aCoin

Send money. I can see it on my phone in an instant. Private message me for code. Pick coin up at show. Old thread alert.

TwoSides2aCoin

A great topic of discussion, on the flip side.

YQQ

cash speaks volumes ....

jmlanzaf

@Walkerfan said:
If you’re buying a $500 coin, then cash is probably the best. But let’s say you’re buying a $10,000 coin, then carrying that much cash can be a real liability. Credit cards charge fees that the seller will definitely pass along to you. More dealers do take them now, though, and they are nice to use as a convenience. But a good check along with a reference or else a photo ID are your safest bet, when buying expensive coins.

Venmo. Same as cash

TwoSides2aCoin

@jmlanzaf said:

@Walkerfan said:
If you’re buying a $500 coin, then cash is probably the best. But let’s say you’re buying a $10,000 coin, then carrying that much cash can be a real liability. Credit cards charge fees that the seller will definitely pass along to you. More dealers do take them now, though, and they are nice to use as a convenience. But a good check along with a reference or else a photo ID are your safest bet, when buying expensive coins.

Venmo. Same as cash , except for fees. ( not quite the same )

jmlanzaf

@TwoSides2aCoin said:

@jmlanzaf said:

@Walkerfan said:
If you’re buying a $500 coin, then cash is probably the best. But let’s say you’re buying a $10,000 coin, then carrying that much cash can be a real liability. Credit cards charge fees that the seller will definitely pass along to you. More dealers do take them now, though, and they are nice to use as a convenience. But a good check along with a reference or else a photo ID are your safest bet, when buying expensive coins.

Venmo. Same as cash , except for fees. ( not quite the same )

The seller sees no fees. So the seller would not need to pass along anything to the buyer.

jerseyben

@DeplorableDan said:

@jerseyben said:
The people in this thread are completely leaving out "E-payment" options: PPFF, Venmo, Zelle, etc. I have used this method to pay several times. In fact, the only method I have never actually used to pay at a coin show is just a plain old credit card.

I'm not so sure they left them out, they probably didnt exist yet. This thread is 15 years old

Oooof. Im usually good at spotting things like that. Missed this one. Point taken.

ndeagles

I use CC at shows, pay the fees if asked, and don't ask for discounts on the sticker prices knowing there are fees. Id rather take a card than carry $5k cash around. I've not had any dealers tell me no.

Allentram

OMG!! My nearly 16-year-old thread from my old user ID that fell into the abyss got resurrected!

In any case, I appreciate the discussions. I've since moved to an area with multiple small shows and only one larger show, and since I'm still a lower budget guy I've learned cash is the best option. E-pay options like Venmo or Paypal seem to be good options, depending on the dealer of course.

Cougar1978

While cash is king at shows philosophy have wondered if taking cc at shows might add to sales but how much? I have taken checks in the past at times (usually somebody knew or took dl #). But big ticket / matl beyond risk limit cash only.

PeakRarities

I virtually never pay with cash anymore. When I first started going to shows, I always brought wads of cash but once you have a reputation and your face becomes recognizable to enough dealers, they actually prefer to take a check. Especially for higher priced inventory.

asheland

I prefer to carry cash if I’m going to a show, but I always have credit cards and Apple Pay with me as well so multiple options…

I will say working in a coin shop, we sell a lot of stuff by credit card. If we only took cash, we would be losing a lot of sales.

Mr_Spud

Cash or checks for me, I don’t remember ever using a credit card to buy coins at actual shows. You do need a CC to get a piece of pizza at the concession stand though at the Long Beach show, they don’t accept cash for some reason

Bochiman

@BillJones said:
The IRS cash reporting rules are why many dealers prefer checks to cash. It's also safer for them to carry checks home. Get yourself a good reputation and bring your checkbook. I’ve only had one dealer in 40+ years of buying coins at shows who refused to take my check, and he is one of the biggest jerks in the business. All you have to do is mention his name, and you see people roll their eyes.

Once you have done business with a few of regular dealers at the major shows, they will vouch for your check and you are all set.

I found that out last year. I'm not a dealer but I set up and was selling a relative's gold coins for her and I got a lot of cash from them. When I went to deposit in my bank, so I could send it to her, I faced 30 minutes of escalations and questioning about the money, where I got it, etc etc etc.

I had "receipts", and I was on the up and up, so I wasn't really worried, but it was a PITA

retirednow

@DeplorableDan said:

@jerseyben said:
The people in this thread are completely leaving out "E-payment" options: PPFF, Venmo, Zelle, etc. I have used this method to pay several times. In fact, the only method I have never actually used to pay at a coin show is just a plain old credit card.

I'm not so sure they left them out, they probably didnt exist yet. This thread is 15 years old

Do you know why people dig up these old threads and why do they just not start a new one with a current perspective .... I have to teach myself to look at the dates.

jmlanzaf

@retirednow said:

@DeplorableDan said:

@jerseyben said:
The people in this thread are completely leaving out "E-payment" options: PPFF, Venmo, Zelle, etc. I have used this method to pay several times. In fact, the only method I have never actually used to pay at a coin show is just a plain old credit card.

I'm not so sure they left them out, they probably didnt exist yet. This thread is 15 years old

Do you know why people dig up these old threads and why do they just not start a new one with a current perspective .... I have to teach myself to look at the dates.

I think it makes more sense to resurrect them. Why continue a discussion by stating from scratch?

Jacques_Loungecoque

I could NEVER conceivable envision myself using plastic at a show. Like Never, Never, Never…..ever.

Made friends with a shop owner many moons ago who told me he’d never even accept cards. Apparently a fraudster “customer” came in and bought a bunch of high dollar Morgans. Then filed a fraud chargeback against the shop and he actually WON! Stuck my friend with a massive loss.

Side note, poor guy was robbed shortly thereafter and was pistol whipped into a skull fracture. He closed up not long after. Was such a shame. It was the best joint around and it came and went.

element159

@retirednow said:

@DeplorableDan said:

@jerseyben said:
The people in this thread are completely leaving out "E-payment" options: PPFF, Venmo, Zelle, etc. I have used this method to pay several times. In fact, the only method I have never actually used to pay at a coin show is just a plain old credit card.

I'm not so sure they left them out, they probably didnt exist yet. This thread is 15 years old

Do you know why people dig up these old threads and why do they just not start a new one with a current perspective .... I have to teach myself to look at the dates.

In this case, I am interested if the answer has changed in 15 years, it may have! Over that time, outside of numismatics, credit cards have become almost ubiquitous (sometimes mandatory), and cash is used less and less, and sometimes not even accepted. Checks seem antiquated and I don't go to enough shows to be recognized as a good credit, so I want to know the best option for me.

CRHer700

It’s a coin show. Pay in coins if you want to impress.

NeophyteNumismatist

Two years ago at Baltimore, I ran out of cash. I gave the dealer all the cash I had in my pocket, but that could only pay for 1.5 coins. I needed to buy a half a coin with credit. The dealer was happy to do it without a problem, and I was happy to pay the service fees on the overage that went on the card.

Cougar1978

I am very much against running up cc debt (myself) to buy coins / currency. If going to a show take x amount buying cash. Beyond that don’t buy. Have seen friends get into trouble running up cc debt for coins or some other activity (travel, entertainment, etc.). Paying it off / settling it can be a very stressful thing. Coupled with a job loss you might as well be in hell. Avoid running up debt for coins. What’s doing well today can crash tomorrow.

jmlanzaf

@Cougar1978 said:
I am very much against running up cc debt (myself) to buy coins / currency. If going to a show take x amount buying cash. Beyond that don’t buy. Have seen friends get into trouble running up cc debt for coins or some other activity (travel, entertainment, etc.). Paying it off / settling it can be a very stressful thing. Coupled with a job loss you might as well be in hell. Avoid running up debt for coins. What’s doing well today can crash tomorrow.

Using a CC is not the same as creating credit card debt.