purchasing coins at a major show question

chumley

mornin all,I'm curious how people handle transactions for substancial purchases,say $4k and up in my case.Do dealers accept potential money,checks ,credit cards and such or are you expected to deal in cash?Once you make such a purchase,do you walk around Boston with it or will they ship it home for you.As I mentioned in an earlier post,this is my 1st major show.The upside is there is only about a week left for my to ask stupid questions...your tolerence is appreciated

agentjim007

I've used CC but very few take them. I've also given a check and told the dealer to ship when it clears then you don't have to worry about carrying it. At 4K I would use cash and not worry about carrying the coin. This is based on experience before I got married and bought a house. Now a $500 coin is a major purchase for me.

mrpotatoheadd

Not all dealers have the same policies. As a rule (there are exceptions), I think you'll find dealers tend not to accept credit cards and don't have a problem with checks from known customers or who can provide dealer references. Depending on the situation, large amounts of cash may or may not be convenient- if the dealer's getting ready to head home, he may not want to carry much. On the other hand, if he's got a customer coming by later with coins to sell, he might prefer to have the cash.

Do you have any idea which dealers you might be buying from? If so, give them a call and see what they say.

chumley

I should probably heed that other gentlemans advice and not wear tight pants so that people wont be able to read the slab thru my pocket

jt88

Most dealers want cash or check only. Once I bought a 4k coin and the dealer would take credit card but charge me for a fee about $150. For raw coin pay credit card only don't pay cash or check unless you can trust the dealer.

mrpotatoheadd

<< <i>For raw coin pay credit card only don't pay cash or check unless you can trust the dealer. >>

What's the benefit here? Seems to me, insisting on using a cc is only going to result in a much smaller group of potential sellers from which to buy.

ianrussell

mrpotatoheadd offers very good advice - many dealers will accept checks, but only from known clients. If they cannot check references, they will usually take the check, and ship the coin to you once the check clears.

mrpotatoheadd

<< <i>If they cannot check references, they will usually take the check, and ship the coin to you once the check clears. >>

This is actually not a bad deal- you don't have to carry expensive coins around with you if you'd rather not.

Teva

You have more bargianing power with cash you are likly to get a better deal. I am old school and if I buy something I want in my hand not in the mail. No matter where the show is I always know a few dealers/experts that I trust to verify my purchase.
If you do not have someone at the show you trust PCGS is often present at most large shows and you can have them verify your purchase and if you subbmit the coin on site they will ship the coin to you. This comes at some costs but it is a good way to safe guard your purchase.

COALPORTER

If it is your first BIG show, maybe just avoid going too hog wild and just observe for a while. Make it an intel and recon. run. just my h.o.

DrPete

Generally you will be quoted the best price on a coin based on a cash/check deal. Dealers that take credit cards for purchases have to pay the card company 2-3% of the purchase price, and on some coins that might be a pretty significant part of the profit on coins. Thus, many dealers will quote you a different price for check/cash versus credit card. Expect that.

Your best bet, IMHO, is to plan to write a personal check, but that only works if you know other dealers that can vouch for your credit. If you have not yet established yourself with any dealers, then you may have a hard time initially. Many dealers would still take your check and hold the coin until they are certain your funds from the check were good. Then they can ship you the coin. That may really be your best approach overall. You could also use cash, and that's fine, but while you carry it there is some security concern on your part, and after purchase you are carrying around valuable coins on your person. Most of us have at one time or another done that, and mostly you will be safe, but you have to avoid dangerous places and situations using common sense. Enjoy the show in Boston and I hope you find whatever coin(s) you are looking for.

mrpotatoheadd

<< <i>Generally you will be quoted the best price on a coin based on a cash/check deal. Dealers that take credit cards for purchases have to pay the card company 2-3% of the purchase price, and on some coins that might be a pretty significant part of the profit on coins. Thus, many dealers will quote you a different price for check/cash versus credit card. Expect that. >>

This is a good point. One more thing- if you're thinking you might want to use a cc, you'll make the deal go a whole lot easier if you tell the seller first. You don't want to find yourself in the position of haggling over a price and then having the dealer balk when you inform him his profit is going to be cut by 3% because you want to pay with plastic.

ricko

I always paid in cash. You get the best deal, no waiting for the product, you start a good relationship with a dealer - cash is king. Cheers, RickO

Julian

As Dr. Pete mentioned, there are costs to using CC's. If you plan to try and get the best price, you will probably have to pay a convenience fee of 3-4% for using the CC. There are many dealers who will take CC's, but you will need to have ID to verify who you are.

Dealers will be happy to ship the coins to you after the show, but you may have to pay shipping costs. You can also mail the coins to yourself, from the bourse floor, as there is almost always a USPO set up to accept packages.

Don't worry about the questions. We have many on the boards who have tons of experience and are more than happy to share it.

Hope that you have a great time at the convention.

jsf

somewhere I've heard that two, key ingredients of a successful mission are:

1. Plan a recon.
2. Make a recon.

I've also heard a key ingredient of coin purchasing is: patience.


not that any of this has ever done me any good...