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Coin "Christmas Club"

messydeskmessydesk Posts: 20,007 ✭✭✭✭✭
The layaway thread led me to think of this. As a collector, would you budget future purchases by parking your money with a coin dealer on a monthly schedule over the course of the year so that you could make a bigger purchase as a Christmas present to yourself than you otherwise would be able to had you been making more impulse buys over the year, even though you don't know what the dealer will have in stock by then? Which dealers would you be likely to use in this manner? As a dealer, would you want to deal with the increased administrative overhead of offering customers this if it meant you'd have more customers? I suppose this could also work as a hybrid with a layaway. For example, you could "claim" something as soon as you had 70% of its price in your account, then you have 60 days to pay the remaining 30%.

Comments

  • lasvegasteddylasvegasteddy Posts: 10,408 ✭✭✭
    my feeble lil thing between my ears still thinks i can score my way up to huge stuff better then idling those funds

    ya know though

    i am to hopefully do what you are talking about with a dealer...it makes great sense

    even if i flop n flounder on scores that are sour...at least i'd have that going too...kinda diversifying in a way
    everything in life is but merely on loan to us by our appreciation....lose your appreciation and see


  • lkeigwinlkeigwin Posts: 16,892 ✭✭✭✭✭
    Interesting idea. I suppose this might work for collectors who recognize they don't have the discipline to manage it another way. Why not just set the money aside?

    I suppose if there were some advantage...5% compounded interest, let's say...then maybe. But I'm guessing most dealers wouldn't want the complexity.

    Maybe this is a way for a collector to build a hide-the-money-from-the-wifey account. I have customers who have me handle transactions in odd ways for that purpose.

    Surely some folks would go for it. I just don't see a real draw.
    Lance.
  • lasvegasteddylasvegasteddy Posts: 10,408 ✭✭✭
    i'm in the "i need to hide the money from me" crowd here...image
    if i had a wife like that
    i'd hide the wife and keep tha money...image
    everything in life is but merely on loan to us by our appreciation....lose your appreciation and see


  • BochimanBochiman Posts: 25,405 ✭✭✭✭✭
    No. No. HELL NO! and, no.

    Even parking money with financial institutions has proven risky for some.
    What happens if you need the money for something? What if the dealer doesn't have your money readily available for you when you do?
    What if the dealer disappears (passes away or goes out of business/moves)?

    Too many "what ifs" and no financial accountability.

    No way!

    I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment

  • Bankerbob56Bankerbob56 Posts: 1,397 ✭✭✭
    That would seem to open up too many cans of worms. What happens if a dealer goes belly up, what if he/she sells the coin, who will maintain the records, interest pd, service charge for backing out of a lay-a-way plan, and on and on and on..... I say Put the money in the bank! ....and earn interest, maintain deposit insurance, and you can watch your money grow!

    image
    What we've got here is failure to communicate.....

    Successful BST xactions w/PCcoins, Drunner, Manofcoins, Rampage, docg, Poppee, RobKool, and MichealDixon.
  • PerryHallPerryHall Posts: 46,231 ✭✭✭✭✭
    Opening a savings account with a coin dealer is not a good idea. Opening a savings account at your bank to make a future coin purchase is a good idea. At least your saving will be insured and you have the option of buying from any dealer you choose.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • johnny9434johnny9434 Posts: 28,416 ✭✭✭✭✭
    no way, i would get to nervous that the dealer would disappear. its way to risky out there right now as it is. jmo
  • Absolutely not, nope, never and no way in he$$ I'd ever do that.
  • JamesMurrayJamesMurray Posts: 4,036


    << <i>No. No. HELL NO! and, no.

    Even parking money with financial institutions has proven risky for some.
    What happens if you need the money for something? What if the dealer doesn't have your money readily available for you when you do?
    What if the dealer disappears (passes away or goes out of business/moves)?

    Too many "what ifs" and no financial accountability.

    No way! >>



    Oh come on now Ron , tell us how you really feel image
  • DIMEMANDIMEMAN Posts: 22,403 ✭✭✭✭✭
    I'm with PerryHall...use the bank to store your money. Or stash it somewhere in your house before using a dealer. Then you have more options at the end of the year.
  • LindeDadLindeDad Posts: 18,766 ✭✭✭✭✭
    You have got to be Kidding......image

    image
  • If you need to undertake something like that in order to buy coins you probably should not be buying coins. Coins should be purchased with "extra cash" way over and above what you need for a rainy day.
  • MacCrimmonMacCrimmon Posts: 7,058 ✭✭✭


    << <i>Noe. Noe. HELL NOE! and, noe.

    Even parking money with financial institutions has proven risky for some.
    What happens if you need the money for something? What if the dealer doesn't have your money readily available for you when you do?
    What if the dealer disappears (passes away or goes out of business/moves)?

    Too many "what ifs" and no financial accountability.

    Noe way! >>




    There, I fixed your quote! image
  • RedTigerRedTiger Posts: 5,608
    I don't see the point. Too many dealers go belly up, or experience health problems, or life problems, or ethics problems. What does the collector have then? An IOU and a place at the back of a long line of creditors? For what? A smallish discount on a coin? At first glance, it sounds like a really dumb idea. Maybe if the dealer is your best friend, but even then, just save the money in a separate account and wait.

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