What's the largest cash transaction for a coin you've seen?
Lakesammman
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A fellow I know wants to be paid cash only - can a person actually get 30K in cash at the bank in this day and age??
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<< <i>I've seen a couple deals for $75k+ in cash. >>
I rarely see people writing checks for coins for that much, unless of course they are dealers.
I really wouldn't feel confortable carrying around that much cash.
<< <i>A fellow I know wants to be paid cash only - can a person actually get 30K in cash at the bank in this day and age?? >>
Yes, you can, but Uncle Sam will get notified. It would also help to let the bank know a day in advance. I have been given a bit of a hard time asking for over $10,000 in cash (some people just want cash!!).
merse
Most bank branches can get you as much cash as you want if you notify them a few days in advance. Last week at a WaMu branch while I was in line somebody at a teller window withdrew an amount that I would estimate as about $200,000 in cash. It's one thing when you ask for $30,000 cash, but carrying around six figures can feel quite bulky.
A standard "black -22" roller suitcase will hold about $800,000 in hundred dollar bills.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
conference room available for real estate closing and COIN deals! I've done deals at my bank and the seller did
feel very secure and had no problem with it (wasn't that large tho).
bob
Some foreclosure buyers have a flare for drama. Stories abound regarding well heeled and attention hungry foreclosure buyers showing up at foreclosure sales with suitcases (and paper bags) filled with $100.00 bills totalling weel into and above the mid six figures.
Would make me very nervous to do this, but I am sure the buyers are not there alone and that the people who go with them to sales are guys who can prevent any trouble from taking place. Probably packing their best friends, Smith & Wesson, Colt, Browning, Glock, and Sig Sauer with them just under their jackets.
--Jerry
I saw someone pay $650K for a silver dollar right at a table.
That was big.
650k in cash...in bundles of 100 count $100s...would fill a suitcase [edit] no, correction, small briefcase.
<< <i>I have personally seen cash used for payment on a six-figure price coin, and some dealers will carry that much cash with them when attending a large coin show.
Most bank branches can get you as much cash as you want if you notify them a few days in advance. Last week at a WaMu branch while I was in line somebody at a teller window withdrew an amount that I would estimate as about $200,000 in cash. It's one thing when you ask for $30,000 cash, but carrying around six figures can feel quite bulky.
A standard "black -22" roller suitcase will hold about $800,000 in hundred dollar bills. >>
Some folks think wamu is going belly up. Might be why the transaction was so large.
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<< <i>
I saw someone pay $650K for a silver dollar right at a table.
>>
Cool. Did they have one of those currency counting machines like all the drug dealers have in the movies?
<< <i>I paid $181K cash for a coin.
I saw someone pay $650K for a silver dollar right at a table.
That was big.
>>
What type of silver dollar ?
The largest i've ever seen is a little over $70k.
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<< <i>As a seller I won't take case for a sale of $10k or more because of the reporting laws. As a buyer I would still worry that the seller might be trying to lauder some goods. Perhaps the coin is stolen and he wants no trace. More likely he is just trying to avoid paying taxes. Make sure you don't do anything to get yourself in trouble. OTherwise, I like cash.
--Jerry >>
So if I buy a coin for $11K cash are you required to report it or is that only if you deposit it in your account. If you turn around and buy another $11k coin with it does that mean that you now have 2 reportable transactions?
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
This thread confirms that...
<< <i>
<< <i>As a seller I won't take case for a sale of $10k or more because of the reporting laws. As a buyer I would still worry that the seller might be trying to lauder some goods. Perhaps the coin is stolen and he wants no trace. More likely he is just trying to avoid paying taxes. Make sure you don't do anything to get yourself in trouble. OTherwise, I like cash.
--Jerry >>
So if I buy a coin for $11K cash are you required to report it or is that only if you deposit it in your account. If you turn around and buy another $11k coin with it does that mean that you now have 2 reportable transactions? >>
Yes, that is correct. The law is to prevent money laundering of illegally gotten gains such as drug money or terrorist funding thru buying of easily resold rarities. I don't want the feds knocking on my door telling me I've been aiding and abettig terrorist and I need to find childcare for my kids for a several year prison stay. --Jerry
<< <i>
<< <i>As a seller I won't take case for a sale of $10k or more because of the reporting laws. As a buyer I would still worry that the seller might be trying to lauder some goods. Perhaps the coin is stolen and he wants no trace. More likely he is just trying to avoid paying taxes. Make sure you don't do anything to get yourself in trouble. OTherwise, I like cash.
--Jerry >>
So if I buy a coin for $11K cash are you required to report it or is that only if you deposit it in your account. If you turn around and buy another $11k coin with it does that mean that you now have 2 reportable transactions? >>
Yes. The seller in each case would need to get important personal information from the buyer. If you were A, the guy who wanted your $11K coin was B, and the guy with the $11K coin you wanted was C, you could make arrangements to keep your information out of it and the paperwork requirement off of your plate. Just trade the coins with C and let C sell B your former coin. Probably just a coordinationthing and probably nobody would ask for a fee or anything.
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In coins it doesn't happen as often but it isn't unusual to find dealers with several hundred thousand in cash behind the table.
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It was cool they had to wheel it on a wagon looking dolly.
That is 6,000 Oz of silver.
This is the same guy whose family hoarded bags of Morgans and still has probably 20,000 Morgans in the family hoard.
Member, Society of Silver Dollar Collectors.
Looking for PCGS AU58+ 1901-P, 1896-O, & 1894-O
<< <i>I went with a friend who paid cash for 6 Green Boxes of ASEs at a B&M.
It was cool they had to wheel it on a wagon looking dolly.
That is 6,000 Oz of silver.
This is the same guy whose family hoarded bags of Morgans and still has probably 20,000 Morgans in the family hoard. >>
Actually the green as they call them monster boxes are 500oz or rounds a piece.
type2,CCHunter.
siliconvalleycoins.com
That reporting requirement is nothing if everything is legal.
<< <i>A fellow I know wants to be paid cash only - can a person actually get 30K in cash at the bank in this day and age?? >>
I would think you could withdraw 100% of your account any time you want - it is your money!
(I wonder, due to the amount, if you need to fill out some stuip paper work, (like they think your
are a terrorist or drug dealer).
<< <i>
<< <i>A fellow I know wants to be paid cash only - can a person actually get 30K in cash at the bank in this day and age?? >>
I would think you could withdraw 100% of your account any time you want - it is your money!
(I wonder, due to the amount, if you need to fill out some stuip paper work, (like they think your
are a terrorist or drug dealer). >>
Cash transactions at a bank of $3K or $5K are recorded I think. Cash transactions of $10K or larger are REPORTED. Check with your bank.
As long as I had a legit source of the $$ [say lottery winnings] I'd have no qualms about withdrawing $100K.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
<< <i>Cash transactions at a bank of $3K or $5K are recorded I think. >>
A $3,000 withdrawel does require additional paperwork.
<< <i>
<< <i>I went with a friend who paid cash for 6 Green Boxes of ASEs at a B&M.
It was cool they had to wheel it on a wagon looking dolly.
That is 6,000 Oz of silver.
This is the same guy whose family hoarded bags of Morgans and still has probably 20,000 Morgans in the family hoard. >>
Actually the green as they call them monster boxes are 500oz or rounds a piece. >>
Thankss for the correction. That makes sense now because he paid $16.5k per box, so 3,000 Oz of silver. Still a lot to me.
Member, Society of Silver Dollar Collectors.
Looking for PCGS AU58+ 1901-P, 1896-O, & 1894-O
jim
<< <i>A fellow I know wants to be paid cash only - can a person actually get 30K in cash at the bank in this day and age?? >>
Very easily. I ordered from the Federal Reserve and it came in the cheapest shrink wrap you could imagine.