Have you ever had someone decline to sell you a coin because you didn't offer cash?

opportunity · December 4, 2015 2:38AM

As the saying goes, cash is king...so at a show, have you ever had someone refuse to sell you a coin only because you wanted to write them a check as opposed to cash? How did you try to remedy the situation, if at all? This goes 2 ways...dealer selling or bourse walker selling to a dealer.

Treashunt · December 4, 2015 2:43AM

nope, I never use checks.

CuKevin · December 4, 2015 2:52AM

Never tried to use anything but cash at a show. If someone tried to give me a check I would likely decline or maintain possession of the property until the check cleared. But it's unlikely I would take the check in the first place.

ranshdow · December 4, 2015 3:03AM

I've had dealers that didn't know me balk at shows when I've tried to pay by check. Dealers that do know me don't generally have a problem.

But honestly, given all the reports of theft surrounding shows, who the heck feels comfortable walking around with several grand in cash? Not to mention the hassle and raised eyebrows of having to pull large amounts of currency in person at a bank? And what if you didn't pull quite enough? Massively inconvenient IMO.

Flatwoods · December 4, 2015 3:07AM

Nope. I use cash for everything.

291fifth · December 4, 2015 3:13AM

Unless you are known to the dealer or can provide references from other dealers who know you, have dealt with you and are in the room you should not be surprised if cash only is required. This is the age of the scammer.

valente151 · December 4, 2015 3:16AM

I've been asked for cash before, but use checks alot at shows. I've built a reputation even as a young guy locally and with many of the bigger dealers that my checks are good, and my reputation is worth more than stiffing someone with a bad check.

asheland · December 4, 2015 3:25AM

Originally posted by: Treashunt
nope, I never use checks.

+1

TomB · December 4, 2015 3:29AM

The last time I had someone, anyone, decline to sell or deliver a coin or coins to me when paying by check was in 1996. At that time I was walking the floor of a regional show and wanted a coin that was about $1,000 yet only had perhaps $500 with me at that moment. I paid half at the show and the next day withdrew the remainder from the bank, paid for the coin and took possession of it. That is the only time there has been a hang-up on a transaction.

PTVETTER · December 4, 2015 3:34AM

As a bit of advice:

handle cash like you would a weapon, be careful.

don't keep cash in one place:

keep some used for common payment, such as food and smaller purchases.

for larger purchases keep in small packs like 10 100 dollar bills in a pack.

bigjpst · December 4, 2015 3:40AM

I don't particularly like taking checks at shows, but with the right references, I have done so in the past. Usually if it is a dealer, references are easy to get, but a customer just walking up to the table may be another story. In the past I have usually offered to take a credit card payment instead of the check. Most of the time it is worth it to me to eat the fees as opposed to worry about whether or not the person's check is good. I know credit cards have their own risk, but for some reason it seems to make more sense to me.

AMRC · December 4, 2015 3:40AM

It is never a problem taking checks. If I am the least bit worried, I take the check, and ship the coin after it clears. If a person is not cool with that, then that is up to them.

MrHalfDime · December 4, 2015 3:51AM

While I usually pay for coins at a coin show with cash, I have never had a check refused, primarily because I have many well known references. When you have been walking bourse floors, buying coins, since before dirt was invented, people get to know you. As Valente151 states: " my reputation is worth more than stiffing someone with a bad check.". In this hobby, reputation is everything.

Pokermandude · December 4, 2015 4:39AM

I only accept or pay with a check when there is a very good and long term rapport between the other person and myself.

2ndCharter · December 4, 2015 4:40AM

I never take cash to a show except for meals and other incidentals. For the past 30 years, I have always paid with and/or received checks without any issues. Of course, at the shows I attend, I can always point to about a dozen dealers who will provide a reference for me.

DennisH · December 4, 2015 4:41AM

Yes – even though told him I could name half a dozen dealers at the show who I bought from and would vouch for me. I made a point to never stop at that dealer's table again.

jerseycat101 · December 4, 2015 4:57AM

Usually, if you are at a show, and attempt to pay a dealer you don't have a relationship by check, he/she is going to balk at you, unless another dealer in the vicinity vouches for you (and your check). I've seen this happen with my own eyes.

golden · December 4, 2015 5:04AM

I had a dealer at the last ANA balk at taking cash! Go figure.

johnny9434 · December 4, 2015 5:15AM

yes and never went back to the dealer. no need to feel like a criminal. all i use now is cash

LanceNewmanOCC · December 4, 2015 5:28AM

.

yup and they get a lot less of my business but i dont take offense cuz it is usually for various

reasons why they do that but do find it VERY annoying nonetheless.

.

ricko · December 4, 2015 5:41AM

I deal only in cash at shows. I have used checks for BST or online purchases. Cheers, RickO

JCMhouston · December 4, 2015 5:43AM

I don't ever carry much cash, the last trip to London a couple of weeks ago I arrived in the UK with $27 in my wallet. If someone doesn't take debit cards or checks they are out of luck with me.

ElmerFusterpuck · December 4, 2015 5:44AM

That has happened in the past, but more and more dealers are setting up to take forms of electronic (mobile, PayPal, debit/credit card), which really helps eliminate the problem of carrying large sums of cash with you. It's their choice on the forms of payment, but I prefer the electronic method if possible.

BryceM · December 4, 2015 6:04AM

I've used checks plenty of times at larger shows, but virtually always the dealer wants a reference or two. I would have no problem with the dealer keeping the coin and mailing it to me when the check clears if he's still nervous about it.

Another trick that is useful when the market is favorable is to bring some bullion. It's easy enough to turn AGEs or Krugerrands into piles of cash at a large show.

TopographicOceans · December 4, 2015 6:11AM

Originally posted by: BryceM
I've used checks plenty of times at larger shows, but virtually always the dealer wants a reference or two. I would have no problem with the dealer keeping the coin and mailing it to me when the check clears if he's still nervous about it.

Another trick that is useful when the market is favorable is to bring some bullion. It's easy enough to turn AGEs or Krugerrands into piles of cash at a large show.

At coin shows I have always dealt with cash, but have brought bullion with me if I needed/wanted to buy something I didn't have enough cash for.But that's kind of silly really, since I could just as easily lose or get robbed of the bullion just like cash.

As far as checks, I also agree with Bryce that I wouldn't have a problem having the coin mailed after it cleared (if it was a known respectable dealer)

I don't go to a show intending to write a check, but if I saw something I really wanted and it was more than what I had on me, I'd offer up a check.

Desert Moon · December 4, 2015 6:19AM

Originally posted by: CuKevin
Never tried to use anything but cash at a show. If someone tried to give me a check I would likely decline or maintain possession of the property until the check cleared. But it's unlikely I would take the check in the first place.

I have always paid only with checks. Never had a dealer turn one down. In some cases, they ask for a reputed dealer to vouch for me for the first purchase which is not a problem to find the ones on the floor that know me. At the Money Show in H-Town this week, I bought 4 coins, 3 checks, one of the dealers was new to me, no issues.

Best, SH

au58 · December 4, 2015 7:49AM

I make it standard practice not to do business with sellers who will not take my check.

At a major show, if they ask, I can point to at least 5 tables within their line of sight to check with.

If that means they ship it when the check clears, that's fine with me. They pay.

At the last Baltimore show, I sold a $10K lot to a dealer who asked me to hold his $3K "good faith" down payment for a couple of days.

No problem. Some dealers have cash management issues.

keyman64 · December 4, 2015 7:57AM

What are these "check" things that everyone is talking about?

I always use cash but have thought about sending PayPal with a dealer.

I never have though. Has anyone else done this?

Jackthecat1 · December 4, 2015 9:33AM

A dealer refused to take my check once and was rather snotty about it. I'm a big boy and can take no for an answer but there is no reason to be impolite. He lost my business forever.

Cougar1978 · December 4, 2015 10:20AM

No - I only use cash at shows. For sales from my table I take cash and sometimes a combination of trade items (at aor below bid) and cash.

BillJones · December 4, 2015 11:24AM

Other than for some minor purchases I have always paid by check. Carrying a lot of cash is dangerous.

As a dealer I almost always took checks with proper ID. If you need to take cash constantly as a dealer, you will lose sales. You are also opening yourself up for a tax audit if you deposit a lot cash. Checks create a paper trail, as a dealer I had nothing to hide.

Conversely I did have very few people from whom I required cash. The reason that they had given me bad checks in the past. They always made good on them, but they had destroyed their reputation with me.

There was one dealer from whom I required cash from the get go. He had gambling, drug and a bad check reputation, and I did not want to mess with him. He got angry when I refused his check, but I didn't care. A couple dealers who were next door to me at the show gave me a thumbs up after that encounter.

lkeigwin · December 4, 2015 11:39AM

I've had dealers balk at a payment of 100 one hundred dollar bills. "Really? Can't you write a check?" At some point a stack of bills becomes inconvenient.

To me, cash is king so that's what I bring. But if someone wants a check, what the heck.

Lance.

BIGAL2749 · December 4, 2015 11:40AM

I can understand why a dealer may not want to take a check but in all the years I've been collecting I've never had a dealer not take a check from me.

I have had dealers want to add sales tax for a purchase under $1000 but in all of those occasions giving them cash took care of the problem.

Even brought coins home and sent the check after.

ElmerFusterpuck · December 4, 2015 11:56AM

Originally posted by: keyman64

What are these "check" things that everyone is talking about?

I always use cash but have thought about sending PayPal with a dealer.

I never have though. Has anyone else done this?

I've done the PayPal thing with a few dealers. The transactions have been flawless and both parties can verify the payment on the spot. No games.

DaveG · December 4, 2015 12:35PM

As a buyer, I've had a few dealers tell me that they prefer cash in general ("or else I'll have to charge sales tax") or for specific purchases (generally gold bullion-type coins). I've also had a few dealers tell me they prefer checks for purchases over $1,000 or so. Over the years, I've noticed that cash is generally preferred at smaller, local shows and by local dealers at bigger shows.

As a seller, I've taken dealer checks, but I've generally been careful to confirm with the dealer that I intended to deposit the check that day (unless they wanted me to hold the check for a few days). I've also generally spoken to other dealers I know at the show who could confirm the general creditworthiness of the dealer who gave me the check. (It's useful to be on good terms with the bourse manager.)

Many years ago a well-established dealer told me that the only trouble he'd had with checks were not those from collectors, but were those from other dealers.

pennyannie · December 4, 2015 3:46PM

At a show I buy with cash, when I sell at a show I ONLY take cash. I will write a check and will take a check at a B&M store. 10k is not a big wad of cash. I generally prepack in groups of 1000 and 500 so I don't have to pull it all out to pay for a purchase

I usually go with a couple of friends and if one is a grand or 2 short to make a purchase we will float each other till we get home or swing by a bank or store

I generally have an idea of how much I intend to spend at any show and carry around that much. That said I never carry more than 10k and usually less. If it takes more than that I make other arrangements.

Off topic but 3 weeks ago I took my dad to the airport as he was going to fly out of state to see a friend. ( he is 85 years old) I picked him up at 6am to go to the airport and I intended to drop him off and leave. He came out of the house with 10k in cash and asked me to put it in my safe until he got back. I am not a morning person and I shoved the 10k in my camo tactical pants. Long story short I ended up going into DFW airport with him got hIS ticket printed off and the nice lady behind the counter decided it would be best if she gave me a dummy ticket so I could get him to his gate. ( he is pretty hard of hearing but otherwise pretty decent shape). Some now he has taken his coclear implant off, his hearing aid out and is trying to tell the guy at the xray machine he is not suppose to go thru it with his pacemaker and etc. In the confussion of the moment I am pointing at the pics for him to see and take my shoes off at the same time. As I walk into the booth I realize I have 10k in my front pocket and sure enough the machine zeroes in on that and the hardware IN MY BACK. My dad did not empty his pockets out and they are sorting thru that. ( I was amazed at all the crap he had in his pocket) They threw away his finger nail clipper and he is talking loud due to his hearing loss and here I am getting a once over with a wand. I told the guy I had a large amount of cash in my pocket and had a million thoughts going thru my head. I had been deer hunting the night before and when I realized I was not going to get a deer shot about 12 rounds off at different targets. I was hoping I had washed my hands good enough, yda, yda. All the guy said was good luck and get your dad to his gate. lol

GeorgeKellogg · December 4, 2015 5:48PM

I always pay by check, unless it's a relatively small purchase. Most dealers don't want large cash transactions ($10,000 and above), as that level triggers IRS reporting requirements. Similarly, I wouldn't feel comfortable carrying around large amounts of cash.

I can't recall an instance of anyone refusing to accept my check.

BillJones · December 4, 2015 9:02PM

PayPal and credit cards charge a fee. For some large transactions were the dealer is working on a close margin that means his costs are high, which means your costs might be higher. Put it this way. An offer to pay $3,000 with a credit card is not the same as an offer to pay $3,000 by check.

leothelyon · December 4, 2015 9:36PM

Atm's, Banks at coin shows would make an interesting topic.

Leo

leothelyon · December 4, 2015 9:42PM

Originally posted by: pennyannie
At a show I buy with cash, when I sell at a show I ONLY take cash. I will write a check and will take a check at a B&M store. 10k is not a big wad of cash. I generally prepack in groups of 1000 and 500 so I don't have to pull it all out to pay for a purchase

I usually go with a couple of friends and if one is a grand or 2 short to make a purchase we will float each other till we get home or swing by a bank or store

I generally have an idea of how much I intend to spend at any show and carry around that much. That said I never carry more than 10k and usually less. If it takes more than that I make other arrangements.

Off topic but 3 weeks ago I took my dad to the airport as he was going to fly out of state to see a friend. ( he is 85 years old) I picked him up at 6am to go to the airport and I intended to drop him off and leave. He came out of the house with 10k in cash and asked me to put it in my safe until he got back. I am not a morning person and I shoved the 10k in my camo tactical pants. Long story short I ended up going into DFW airport with him got hIS ticket printed off and the nice lady behind the counter decided it would be best if she gave me a dummy ticket so I could get him to his gate. ( he is pretty hard of hearing but otherwise pretty decent shape). Some now he has taken his coclear implant off, his hearing aid out and is trying to tell the guy at the xray machine he is not suppose to go thru it with his pacemaker and etc. In the confussion of the moment I am pointing at the pics for him to see and take my shoes off at the same time. As I walk into the booth I realize I have 10k in my front pocket and sure enough the machine zeroes in on that and the hardware IN MY BACK. My dad did not empty his pockets out and they are sorting thru that. ( I was amazed at all the crap he had in his pocket) They threw away his finger nail clipper and he is talking loud due to his hearing loss and here I am getting a once over with a wand. I told the guy I had a large amount of cash in my pocket and had a million thoughts going thru my head. I had been deer hunting the night before and when I realized I was not going to get a deer shot about 12 rounds off at different targets. I was hoping I had washed my hands good enough, yda, yda. All the guy said was good luck and get your dad to his gate. lol

lol

BAJJERFAN · December 4, 2015 11:46PM

Originally posted by: BillJones

Other than for some minor purchases I have always paid by check. Carrying a lot of cash is dangerous.

If you are driving and get stopped or searched, your cash will likely be confiscated and you may never get it back.

oih82w8 · December 4, 2015 11:49PM

I have had dealers at shows offer tax-free for cash transactions. Other payment methods would require tax to be added on to the sale.

Never a refusal though.

ctf_error_coins · December 5, 2015 12:02AM

I use the product Square (for the cell phone) for credit card purchases at my art shows, another great service that I recommend.

TwoSides2aCoin · December 5, 2015 12:07AM

Been using it all my life and it's easy. There's a class of new world order monkeys who are trying to change this.

Back in the old days we used to see on signs, in shops, and from the lips of the moral majority :

In God we trust. All others pay cash.

TwoSides2aCoin · December 5, 2015 12:13AM

Not to go off topic but I picked up Square in it's IPO at $12.97

Already lost a buck +

kranky · December 5, 2015 1:00AM

Three dealers at a recent show, all of whom knew me. Wasn't a question of not knowing if my check was good, it was that they were only doing cash sales for bullion.

bigjpst · December 5, 2015 1:14AM

Originally posted by: ErrorsOnCoins

I use the product Square (for the cell phone) for credit card purchases at my art shows, another great service that I recommend.

I use square for my tax prep customers, but I usually use the paypal reader for shows. I think they both charge about the same amount, but I use paypal so much for coin purchases, its nice when the money gets dropped into my PP account.

RYK · December 5, 2015 1:16AM

Never

Boosibri · December 5, 2015 4:13AM

Once at a local show trying to buy a CC $20 in an OGH. Cash only.

winky · December 5, 2015 7:09AM

How stupid!

watchcollectortoo · December 5, 2015 10:16AM

Why would any dealer who does business through the mail, and who accepts checks from new customers there, refuse to take a check at a show and simply hold the merchandise until it cleared? The buyer is taking a greater risk than he is.

Have you ever had someone decline to sell you a coin because you didn't offer cash?

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