Writing checks at shows

Justacommeman

Because I work overseas half of the year I don't get to many shows. When I do, I'm looking to buy if the material is there. As a dealer, would you take a check from someone you have never met but has references? Let's say on a $5000 coin. If so, do you hold the coin until the check clears and then send the coin? In my case this situation has never happened yet as I've always bought from dealers that know me. However, I'm sure it will eventually happen one day when I need to write a check and a name drop may not cut it. Sometimes I'm coming to shows directly from overseas and I'm limited by Gov on how much cash I can carry back in the country. What's the protocol on check writing?
TIA, MJ

GoldenEyeNumismatics

Depends how well known your references are.


Post a picture of yourself. A lot of the decision to take a check is based on how respectable you look, the clothes you wear, your age, and in the case of some dealers, your ethnicity.

speety

We've had dealers send us coins on approval for worth well over your scenario based solely on having Legend as a reference for us. Paying by check on the spot at a show and taking the coin with us has never been a problem either. Terranova let us pay him for our 1852 on the spot with no references based solely on talking with him.

Most dealers on the circuit are very trusting. But, i haven't really boughten anything large from a new dealer at a show in a couple years so i'm not sure if the economy has effected what i've said.

speety

<< <i>Depends how well known your references are.


Post a picture of yourself. A lot of the decision to take a check is based on how respectable you look, the clothes you wear, your age, and in the case of some dealers, your ethnicity. >>



Will,

As you have probably come across as well, being young and in a tshirt and athletic shorts, dealers either have to know you already or trust the name-dropping.

Staircoins

It helps immensely if one of your references is another dealer at the same show who can vouch for you.

AnkurJ

I have been doing it for years. Most of the dealers know me thought.

NewEnglandNotes

I have only needed to have a dealer vouch for my check once at the Boston show, and it was for a fairly small purchase, maybe $200 or so. I usually try to carry cash when I go to a show, as I have usually been able to get a better price when paying with cash.

Justacommeman

<<It helps immensely if one of your references is another dealer at the same show who can vouch for you>>

Most of the time they are there and the dealers are pretty well known. Larry Shepherd is one of my mentors and friends but I hate dropping his name all the time. I guess i was just wondering how others did it without carrying a lot of cash on them.....Also, at regional shows that I sometimes stumble across I really don't know anybody.........Thanks for the replies so far. I didn't know if there was any unwritten "check' rules............MJ

EagleEye

Love your avatar! Anyone would take a check from the "most interesting man on earth", wouldn't they? Stay thirsty, my friend

Coxe

<< <i>Love your avatar! Anyone would take a check for the "most interesting man on earth", wouldn't they? Stay thirsty, my friend >>



Thought the the same thing, Rick. Been wanting to work the most interesing man into a facebook thingy too for a while.

Justacommeman

Stay thirsty my friends

WTCG

<< <i>

<< <i>Depends how well known your references are.


Post a picture of yourself. A lot of the decision to take a check is based on how respectable you look, the clothes you wear, your age, and in the case of some dealers, your ethnicity. >>



Will,

As you have probably come across as well, being young and in a tshirt and athletic shorts, dealers either have to know you already or trust the name-dropping.

>>



The ability to provide references is the best option for any potential check writer and if I know or have a working relationship with the references provided then there probably won't be a problem. It is true that dealers will often make decisions based on physical appearances but someone who acts professionally and confidently will most likely receive the most positive reactions.

Based on my experiences dealers tend to raise a bigger stink when dealing with a smaller amount check (under $300) than one for larger amounts, which is a bit ironic.

The issue of checks is also one of the primary reasons why I decided to join the PNG. The membership requirement minimums for PNG should satisfy most of the dealers, especially the most mentally provincial ones.

On the issue of importing money into the U.S., there are no limits on how much currency can be brought into the U.S. but any amount over $10,000 USD needs to be declared. An honest declaration of cash will almost never create any problems.

PerryHall

If a dealer has a problem taking my check, I just tell him to keep the coins until the check clears and then mail me the coins. No different than a mail order transaction.

ColonialCoinUnion

<< <i>Post a picture of yourself. A lot of the decision to take a check is based on how respectable you look, the clothes you wear, your age, and in the case of some dealers, your ethnicity. >>



As a dealer, I can assure you that I don't need to see a picture of you or know your ethnicity to determine if I'm going to take your check.

Solid numismatic references from dealers I know and trust will suffice.

Longacre

So long as you declare the cash if it is over $10,000, you should not have a problem.

dorkkarl

i have sat there at a coin show & watched someone write out a check w/ six digits in the dollar amts.

K S

Lakesammman

For small shows, where there aren't many dealers, having dealers/collectors phone numbers in your cell phone is handy. Happened to me last year at the Boeing show for a $7K coin. The dealer didn't know me from Adam but I was able to connect him to someone he knew and trusted via phone.

Justacommeman

<< <i>So long as you declare the cash if it is over $10,000, you should not have a problem. >>



<<On the issue of importing money into the U.S., there are no limits on how much currency can be brought into the U.S. but any amount over $10,000 USD needs to be declared. An honest declaration of cash will almost never create any problems>>

True. But, the problem isn't declaring the cash coming into the US it's getting it into some of the places I work out of. In most cases I would need to take the cash from the US and then have to declare it everytime I enter Japan, China etc etc . Let's say I wanted to go to a Long Beach show directly from China. I would need to carry let's say 25k cash with with from my home on the east coast into Asia (declare it which can get tricky these days) and then go direct to a show. Carrying and declaring that much cash can be a hassle. I used to keep a SDB in Hong Kong which would have helped logistically but now I hardly go through there anymore as there are so many direct flights into mainland China. Coming from Europe to a show is less of a hassle. MJ

PTVETTER

I don't know if it would but a bank letter may help, but the best thing is knowing dealers at the show that would vouch for you.

highbidder1970

I take cash only.