Will checks be poison at the LA ANA?

291fifth

Will you be willing to take checks?

If yes, how will you make the decision as to which ones to accept?

If no, what will you accept?

blu62vette

I wont bother bringing mine, cash is king.

Lakesammman

Huh - is there something we shoud know about??

truthteller

The unfortunate part of the coin industry is that so many dealer's financial health are intertwind. With NGE bankrupt, many gold dealer's stability may now become suspect. I would have no problem accepting a large check from a well diversified dealer. However, I would have a problem accepting a large check from a dealer who primarily did business with NGE. Until the NGE creditors are known, I would not give payment without immediate delivery on any gold product.



TRUTH

Elcontador

Am I assuming correctly that this won't affect people like me, with good references, who wish to pay by check for coins @ ANA?

ColonialCoinUnion

<< <i>Will you be willing to take checks?

If yes, how will you make the decision as to which ones to accept?

If no, what will you accept? >>



You forgot to mention that part about the sky falling.

MikeInFL

As a collector, I've never had a dealer refuse to accept my checks, and have no reason to suspect it will change.

291fifth

<< <i>

<< <i>Will you be willing to take checks?

If yes, how will you make the decision as to which ones to accept?

If no, what will you accept? >>



You forgot to mention that part about the sky falling. >>



This has nothing to do with the sky falling. Given the recent bankruptcy filing of a major numismatic player and the uncertain fallout from that filing, I think dealers and collectors need to exercise caution. A company I once worked for (not coin related) went through a Chapter 11 bankruptcy back in 1993-4. When they filed, the owners told all the employees not to worry, they would make up any losses to us (for me that meant unpaid expense account money, fortunately, not a lot since I kept my account up to date.) When the company came out of Chapter 11 in 1994 I received about half of what I was owed. I never saw another cent. If you get caught in a bankruptcy filing the only question is how much are you going to lose ... and lose you will.

roadrunner

I wouldn't expect dealers to be suspect of collector checks, esp. from people they know or who can supply good references. But it brings up a good point, that even the best intentioned collector or dealer can go south for whatever the reason. And these days there are more reasons than ever going around. In the past you could always give a dealer a check and have them ship the coin to you if they didn't know you. Today I would be leery of walking off the show floor without a coin in hand to show for my check unless I had a very strong and close relationship with a dealer. In fact the last time I got taken for big money the dealer in question had superb references from a slew of other leading dealers. The fact is, that not every dealer is aware of the financial position of the next guy.

Frankly, I'm amazed at the fact that some higher profile dealers who have made it a habit of declaring bankruptcy/going under in basically every down coin market of the past few decades are still around today. Either they finally figured it out after so many tries or have so far had the blind luck of Bernie Madoff.

roadrunner

WTCG

Unless I have heard information otherwise, I will continue to accept checks from all dealers I am familliar with and anybody who can provide me with positive references. I do not expect many others will discontinue to do what they have been doing for years.

If anybody, especially the dealers I have worked with in the past, at the show refuses a check from me due to paranoia or false assumptions then it would give me reasons to doubt their own solvency and sanity.

Longacre

Dealers should exercise the normal prudence when accepting checks from both the public and dealers. Given the trying economic times, perhaps dealers need to be a bit more suspect when taking a check, but should not go overboard.

I would not recommend accepting a check from my inlaws, though.

Julian

Checks will not be poison. I have always accepted checks from dealers and collectors and cannot imagine why that would stop.

Giving a check, KNOWING it will NOT be honored, is a criminal offense, I am pretty sure.

zeebob

I'm with the cash is king crowd. I always bring cash and I prefer to receive cash.

shorecoll

Julian, depending on the amount, I think it's a felony.