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What's the largest cash transaction for a coin you've seen?

LakesammmanLakesammman Posts: 17,282 ✭✭✭✭✭
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?? image
"My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko.

Comments

  • I've seen a couple deals for $75k+ in cash.
  • dizzyfoxxdizzyfoxx Posts: 9,823 ✭✭✭
    Not cash, but I watched a collector write a check for just under 100k for one coin at the 2005 ANA. The look on my face was pretty much...image
    image...There's always time for coin collecting. image
  • STONESTONE Posts: 15,275


    << <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?? image >>



    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

  • WTCGWTCG Posts: 8,940 ✭✭✭
    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.
    Follow me on Twitter @wtcgroup
    Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
  • AUandAGAUandAG Posts: 24,515 ✭✭✭✭✭
    Ask your bank if you can do the deal there. Tell them what you might need in the way of funds. Most banks have a
    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
    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
  • SanctionIISanctionII Posts: 11,660 ✭✭✭✭✭
    Cash paid for coins is one thing, but it pales in comparison to cash paid at foreclosure sales for real estate.

    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.
  • notwilightnotwilight Posts: 12,864 ✭✭✭
    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
  • saintgurusaintguru Posts: 7,724 ✭✭✭
    I paid $181K cash for a coin.

    I saw someone pay $650K for a silver dollar right at a table.

    That was big.

    image
    image
  • adamlaneusadamlaneus Posts: 6,969 ✭✭✭
    Was it really cash? Or just a large check?

    650k in cash...in bundles of 100 count $100s...would fill a suitcase [edit] no, correction, small briefcase.

  • BECOKABECOKA Posts: 16,957 ✭✭✭


    << <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.
  • The most cash I received was $9,900. Wanted to keep it under 10 grand.
  • pennyanniepennyannie Posts: 3,929 ✭✭✭
    I sold 15k to Heritage, i got a check.image There bank was just around the corner and i converted to cash on the way out. I sold 30k in coin and bullion 12 months ago to a local B&M walked out with cash and a few $2.00 bills.

    Mark
    NGC registry V-Nickel proof #6!!!!
    working on proof shield nickels # 8 with a bullet!!!!

    RIP "BEAR"
  • CoinosaurusCoinosaurus Posts: 9,614 ✭✭✭✭✭


    << <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.

    image >>



    What type of silver dollar ?
  • I woulda hated to be the next guy at the table when the $650k silver dollar was sold... it takes forever for a dealer to double check that we paid enough 100's for $5k coins, I can't imagine $650K...

    The largest i've ever seen is a little over $70k.
    Want to buy an auction catalog for the William Hesslein Sale (December 2, 1926). Thanks to all those who have helped us obtain the others!!!

  • PerryHallPerryHall Posts: 45,301 ✭✭✭✭✭
    I remember in the early 60's seeing dealers buying coins using a stack of thousand dollar bills at coins shows. Really neat.

    Worry is the interest you pay on a debt you may not owe.

  • LongacreLongacre Posts: 16,717 ✭✭✭
    Just curious-- when people spend that amount of cash, is it right out in the open on the bourse, or do they get a private room or something? If it's out in the open, what does the dealer do with that huge amount of cash? I don't think there are many places to keep it on the bourse.
    Always took candy from strangers
    Didn't wanna get me no trade
    Never want to be like papa
    Working for the boss every night and day
    --"Happy", by the Rolling Stones (1972)
  • AthenaAthena Posts: 439 ✭✭✭
    I must not hang around with wheeler-dealers. The largest cash transaction for a coin that I have seen is about $700 image
  • LakesammmanLakesammman Posts: 17,282 ✭✭✭✭✭
    Thanks for the perspective. I guess 30K looks like small change in comparison. image
    "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko.
  • BAJJERFANBAJJERFAN Posts: 30,977 ✭✭✭✭✭


    << <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?
  • 500Bay500Bay Posts: 1,106 ✭✭✭
    I have thought for a while that the US needs a bigger denomination bill than a $100.
    This thread confirms that...
    Finem Respice
  • dohdoh Posts: 6,457 ✭✭✭
    To be honest, it was "only" about $2000, but it was hilarious (to me anyway) because it was all in $20s....it was just a lot of green on that dealer's table.

    Positive BST transactions with: too many names to list! 36 at last count.
  • notwilightnotwilight Posts: 12,864 ✭✭✭


    << <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
  • CoxeCoxe Posts: 11,139


    << <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.
    Select Rarities -- DMPLs and VAMs
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  • DrPeteDrPete Posts: 1,497 ✭✭✭
    I have seen a few $8-10K deals done in cash, but none of the mega-deals listed above.
    Dr. Pete
  • johnny9434johnny9434 Posts: 27,412 ✭✭✭✭✭
    $16,400 for a 1856 flying eagle cent a while back.
  • blu62vetteblu62vette Posts: 11,900 ✭✭✭✭✭
    Biggest I have see was equal to $350k US and the transaction was overseas.
    http://www.bluccphotos.com" target="new">BluCC Photos Shows for onsite imaging: Nov Baltimore, FUN, Long Beach http://www.facebook.com/bluccphotos" target="new">BluCC on Facebook
  • TAMU15TAMU15 Posts: 577 ✭✭
    I've counted up close to 100k in cash at one time for a bullion deal.
  • I was at my favorite B&M and saw a customer come in and drop $200K in cash for bullion.
  • WTCGWTCG Posts: 8,940 ✭✭✭
    Real estate transactions, especially foreclosure sales are where you'll see lots of green cash thrown around. Once I saw a van drive up with a dozen Pelican cases full of $100's.

    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.
    Follow me on Twitter @wtcgroup
    Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
  • 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.


    Morgan Everyman Set
    Member, Society of Silver Dollar Collectors.
    Looking for PCGS AU58+ 1901-P, 1896-O, & 1894-O
  • shorecollshorecoll Posts: 5,445 ✭✭✭✭✭
    I once saw a $500k gold bullion transaction. I was in a B&M at 5:00, they asked one guy they didn't know to leave, locked the doors and closed the blinds. Then they did this deal. This was in the very early 80's.
    ANA-LM, NBS, EAC
  • shorecollshorecoll Posts: 5,445 ✭✭✭✭✭
    On a funny note, I was in a bank branch at settlement when it was being sold. The balances for the accounts being sold had to be settled in cash and that was only $275,000.
    ANA-LM, NBS, EAC
  • michiganboymichiganboy Posts: 1,246 ✭✭


    << <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.
    Positive BST transactions:michaeldixon,nibanny,
    type2,CCHunter.
  • coinlieutenantcoinlieutenant Posts: 9,305 ✭✭✭✭✭
    I bought all of those early gold pieces so long ago in cash. I think it was 22700$....paid for in 20's!

  • Mission16Mission16 Posts: 1,413 ✭✭✭
    A little over $15,000. My biggest deal ever for bullion. We did it at my bank. Buyer came from his bank 2 blocks away and straight to my bank. It was cool to see that much CASH but it went across the counter as paper and into my account as a bunch of 0's and 1's.

    That reporting requirement is nothing if everything is legal.
  • COALPORTERCOALPORTER Posts: 2,900 ✭✭


    << <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?? image >>



    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).
  • BAJJERFANBAJJERFAN Posts: 30,977 ✭✭✭✭✭


    << <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?? image >>



    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.
  • ShamikaShamika Posts: 18,759 ✭✭✭✭


    << <i>Cash transactions at a bank of $3K or $5K are recorded I think. >>



    A $3,000 withdrawel does require additional paperwork.


    Buyer and seller of vintage coin boards!


  • << <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.
    Morgan Everyman Set
    Member, Society of Silver Dollar Collectors.
    Looking for PCGS AU58+ 1901-P, 1896-O, & 1894-O
  • jdimmickjdimmick Posts: 9,583 ✭✭✭✭✭
    I was going to say, it would take a lot of time counting. About a year ago, i let a freind use my shop to make a purchase of 140 $20 gold coins from a guy that wanted all cash. I could not do the deal becuase he wanted cash, no paper trail etc. So I set it up between them two. Paul ( my freind who is wealthy and as liquid as it comes brought in 230k in cash in packs of 10k. After about 30 minutes of the guy trying to count fresh packs of 100's, he finally gave up and just took his word for it. (which was right on the money) Most I had ever seen in real cash at one time.

    jim
  • hammer1hammer1 Posts: 3,874 ✭✭✭✭✭
    Some bank agreements, that you sign when opening a CD, state that the bank can require 5 days notice to withdraw. I've never seen it enforced.
  • fishcookerfishcooker Posts: 3,446 ✭✭
    We really do need $500's and $1000's for circulation, IMO.
  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭


    << <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?? image >>




    Very easily. I ordered from the Federal Reserve and it came in the cheapest shrink wrap you could imagine.

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