How do you pay for stuff at a major coin show?

Luxor · July 21, 2019 5:57AM

So let's say you're heading to a major coin show with a spending budget of maybe 5 - 7.5K or so. Will you bring a pocket full of $100's, blank personal checks, debit/credit cards, MO's, a combo of any of the above?

ricko · July 21, 2019 6:08AM

I always brought cash..... The most was $8.3K at one show....Never worried about it.. always carried steel along with the currency.... Cheers, RickO

SaorAlba · July 21, 2019 6:16AM

Credit cards and cheques at a show? The former +4% for any dealer that takes CC, the latter only from known customers. Nobody refuses an' everybody takes good old dosh.

Kkathyl · July 21, 2019 6:31AM

@Luxor said:
So let's say you're heading to a major coin show with a spending budget of maybe 5 - 7.5K or so. Will you bring a pocket full of $100's, blank personal checks, debit/credit cards, MO's, a combo of any of.

If your buying one coin for that amount you know the expectation of how to pay. If not sure of amount have a few checks with you have cash and have a credit card. I have even used PayPal at shows. It all depends on your relationship and if folks know you. You can even do bank wires on site if your bank app allows it. Fed wires update every 20 minutes.

291fifth · July 21, 2019 6:34AM

Unless you are known and trusted by the selling dealer ... cash is king.

Staircoins · July 21, 2019 6:58AM

Primarily cash. Checks to known parties, or with references from dealers at the show.

I’ve also occasionally written checks to dealers I trusted to ship me the coins post-show after the check cleared.

mustangmanbob · July 21, 2019 7:18AM

Cash and a chainsaw for deterrence.

mapleman · July 21, 2019 7:25AM

CIK ALL THE WAY.
imo it's the best negotiating tool.

Hallco · July 21, 2019 7:28AM

Cash for the merchandise, cash for the button hooks.
Cash for the cotton goods, cash for the hard goods.
Cash for the fancy goods. cash for the noggins and the piggins and the frikins.
Cash for the hogdhead, cask and demijohn. Cash for the crackers and the pickels and the flypaper.

ya gotta know the territory!

lonn47 · July 21, 2019 7:33AM

cash and carrie.

BryceM · July 21, 2019 7:35AM

If you have a great reputation and an established history of “good behavior” most dealers will take checks with no problem. I’ve had a few folks go ask my references if they should take my check and it always worked out.

But, as others have said, everyone takes cash. I’ve even carried bullion to a show when I was in a mood to sell it. At a big show it’s easy to convert a few ounces of gold into cash.

Security-wise, you’re pretty safe inside the show as long as you’re paying attention. Just blend in on the way in and out and you’ll be fine.

hchcoin · July 21, 2019 7:36AM

Cash for me. I also have brought some gold bullion since it is easy to carry and then just sell it or trade it at the show. 5 gold one ounce coins are easy to sell and easy to carry.

Swampboy · July 21, 2019 7:44AM

@hchcoin said:
Cash for me. I also have brought some gold bullion since it is easy to carry and then just sell it or trade it at the show. 5 gold one ounce coins are easy to sell and easy to carry.

People actually sell their gold?

Just the thought of doing that makes me twitch.

ElmerFusterpuck · July 21, 2019 7:45AM

Cash does rule, but I've run into more and more dealers will take plastic or PayPal, along with checks.

Limiting yourself to one form of payment is your choice, but you are leaving out a segment of potential customers.

hchcoin · July 21, 2019 7:47AM

@Swampboy said:

@hchcoin said:
Cash for me. I also have brought some gold bullion since it is easy to carry and then just sell it or trade it at the show. 5 gold one ounce coins are easy to sell and easy to carry.

People actually sell their gold?

Just the thought of doing that makes me twitch.

If the price keeps going up I think a lot of people will be selling some gold.

OldEastside · July 21, 2019 7:49AM

The green stuff

Steve

DoubleEagle59 · July 21, 2019 7:49AM

Why bring anything but cash?

MasonG · July 21, 2019 7:52AM

@DoubleEagle59 said:
Why bring anything but cash?

Maybe it's just me, but I find that checks are easier to deal with.

RogerB · July 21, 2019 7:58AM

I mostly use badger and Arctic fox pelts.

BStrauss3 · July 21, 2019 7:58AM

If dealers know you, they will sometimes give you a reference across the aisle for a check. Sometimes get a little street courtesy... It's been a few years, but I heard something like this across the 400s aisle at the ANA show about 5-6 years back...

"Hey John, this guy says you know him, should I take his check"
"Yeah Bob, it's good, but damnit Mike how come you aren't giving ME the first chance to clean out your checking account"

Dave99B · July 21, 2019 8:48AM

Cash only for shows. Period.

Dave

skier07 · July 21, 2019 9:01AM

Cash. Or if it’s a big ticket item and I don’t have enough money with me I’ll write a check and the dealer will send me the coin after the check clears.

DDR · July 21, 2019 9:01AM

For stuff less than $1,000 I have never had a problem paying with a check. Over that amount, sometimes I get asked for a reference, but it is rare.

ctf_error_coins · July 21, 2019 9:03AM

Cash, cash, and cash.

I do have checks for dealers that I know and know me.

SurfinxHI · July 21, 2019 9:07AM

As dealer set up at a show, I'll take cash, a check if I know you (or sometimes if I just have a good vibe about you), and credit card via Square. Since I get charged on Square, and it is a convenience to you, I'll let you pay the 2.8% charge as well. And dont forget, trade works pretty good too...!

If I'm a client at a dealers table at a show, I'll hope all of the above applies, but I'll actually expect that only 10% of dealers will take a credit card right now.....

2ndCharter · July 21, 2019 9:09AM

Maybe it's just me, but I find that checks are easier to deal with

Absolutely - I've written checks at shows for well into five figures with no problems at all. I would hate to carry that much cash around. Of course, if I do a deal with someone who doesn't know me, I have no problem pointing to at least a dozen dealers at most shows who will vouch for me.

Cougar1978 · July 21, 2019 9:33AM

Cash only. Sometimes check to bullion dealer I have done business with before.

Sales - take cash only. May take check up to $50.

jmski52 · July 21, 2019 9:38AM

I've had different dealers vouch for my checks once I became somewhat established as a customer, but I've also used cash.

GotTheBug · July 21, 2019 9:48AM

.

crazyhounddog · July 21, 2019 9:58AM

It's always best to bring cash. If ya don't you'll lose out. I did however make a couple of purchases with my card cause I ran out of cash but the dealers were both very good friends of mine. Bring cash especially if it's the weekend. Like @Ricko said it's always best to bring some steel and lead too. I do.

tommy44 · July 21, 2019 10:03AM

Cash 99% of the time unless I buy something in a auction at the show, then check. I have used a check once when paying a dealer when I thought I might run out of cash. He had no problem taking my $2,400 check and I had never done business with him before.

PTVETTER · July 21, 2019 10:08AM

Cash and Checks to dealers I am known.
Cash is king!! and that statement is still true!

bidask · July 21, 2019 10:32AM

I like to use checks.

Being a legacy member helps for references.

I am ok if a dealer wants to hold a coin I purchased until my check clears. .... though that has never happened .

johnny9434 · July 21, 2019 10:33AM

I bring cash or use a check if I know the dealer. Concealed carry works well to

BillJones · July 21, 2019 10:37AM

I pay for everything by check. I am welll known at the shows and have many dealers who will vouch for me. I have been buying coins at shows for more than 40 years.

If a seller demands to copy my home address from my driver's license, it's not no deal. I will walk.

I have some cash with me, but I really use it. Carrying a lot of cash is dangerous, and for tax purposes, it's not as good for record keeping as checks. I would advice everyone to get invoices whenever they buy.

PerryHall · July 21, 2019 11:08AM

If you sell an expensive coin to a dealer at a coin show, be careful that you don't get a bad check. I had a dealer friend who got a bad check from another dealer. At the next large coin show he put the bounced check in the front of his display case with "BAD" printed in large letters on the front with a red magic marker. It didn't take long before the dealer who wrote the bad check ran up to his table with a handful of cash to buy his check back.

2ndCharter · July 21, 2019 11:09AM

Building up a good reputation and maintaining it enables me to carry just checks at a show with cash just for the overpriced snack bar.

Here's an extreme example - a couple of years ago, I was getting ready to leave the January FUN show on a Saturday afternoon when a dealer walks up to me near the Exit and says that he just turned up something that might interest me, he shows me, and then I ask the price which was $16K. I told him that's fine but the checkbook and everything else was already in my bags as I'm heading to the airport. He says, that's fine, take it with you, and mail me a check when you get home.

So, build up that kind of rep and you'll never need to carry wads of cash to a show. Checks all the way for me.

JBN · July 21, 2019 11:33AM

Cash.

COCollector · July 21, 2019 12:24PM

Cash. In $100 bills. Divided into 4 pockets.

Walkerguy21D · July 21, 2019 12:55PM

Cash for smaller transactions, checks for larger ones.
Never had my check refused but occasionally had to point out other dealer references or provide my driver’s license.

winesteven · July 21, 2019 2:06PM

My first major coin show was only a few years ago at January FUN. I didn’t know better, so I had little cash. There was a $1,500 coin that Gary Adkins had for sale. While I had purchased one coin from Gary about a year or so before that (I saw his listing of that coin on collectorscorner.com), I was shocked that Gary told me to take the coin, and then mail him a check when I get home (which I did).

Walkerfan · July 21, 2019 2:18PM

Cash or checks with ID works the best. If the dealer accepts plastic......I'll consider it for large purchases. I actually like using plastic, at times, because it's easy, then quickly paid off to avoid interest charges.

BillJones · July 21, 2019 2:22PM

Plastic changes the nature of the deal. If the dealer is working close with you, giving him or her plastic takes at least 3% off the top. Cash offers are the best.

jabba · July 21, 2019 2:44PM

I’ve always gotten better deals with cash

CoinHoarder · July 21, 2019 3:13PM

Unless buying online, i have always paid cash. Never even considered any other method of payment for in person coin purchases.

matt_dac · July 21, 2019 3:38PM

Cash money

Aotearoa · July 21, 2019 4:25PM

How exactly does the "steel and lead" thing work? Dodgy guy in the car park steps out and says, "gimme your money" so you shoot him? You'd have to reasonably feel that your life was under threat, right? Now imagine that the dodgy guy has his gun on you first. You're not going to go for your piece, right? Seriously, I don't understand how the "steel" is going to be helpful (unless you're walking around with it in your hand as a deterrent).

savitale · July 21, 2019 5:27PM

@ricko said:
I always brought cash..... The most was $8.3K at one show....Never worried about it.. always carried steel along with the currency.... Cheers, RickO

I don't question your right to do so, or anything like that. But honestly, if you pulled your wallet out and some young punk grabbed it and started running away, would you really shoot him? I suspect most rational people at a crowded coin show would not pull out their firearm unless their life was in danger, for many good reasons.

savitale · July 21, 2019 5:55PM

I asked this same question about two years ago and got the same answer: cash. Yes, thousands of dollars in cash.

Honestly that is one reason I don't go to coin shows anymore. I rarely carry more than $20 in cash. I conduct about 20 retail cash transactions per year, mostly involving hot dogs at the baseball game. My bank doesn't accept cash deposits, and my only easy way to get cash is from an ATM which has a $400 per day withdrawl limit. I bought a Slurpee from 7-11 yesterday for $1.28 and paid by credit card.

TwoSides2aCoin · July 21, 2019 6:00PM

I try to pay with a smile, but that strategy usually gets me a frown or a sarcastic laugh.
Ends up being a cash deal.... or check ( if they don't want to barter).

jdimmick · July 21, 2019 6:09PM

Years ago when I first went, I carried cash, but after being around for years, everyone learns who you are and checks are the way to go. Right now, if I went to say Baltimore, I could name 50 people in less than a minute who would vouch for me. with several of them Ive written sizeable checks too.

Here are two stories I thought I would share related to this many years ago:

I lived within 4 hours of David Lawrence coins, so I decided to drive up to his office to look at a 1893-s Morgan. I had carried cash to purchase this. at the time about 20k. I looked at the coin, and decided I would buy the coin, they informed me that they could not accept cash for purchase of this amount,(they didn't really know me ) so I had to go the local bank and draft a cashiers check with the money and use it to make the purchase. Must of had something to do with the Irs laws and requirements (I was not a dealer then).

probably around the same time frame
I was attending the Baltimore coin show, was looking for two upgrades a nicer 1856 Flyer, and upgrade 1901-s Quarter. I had a vf-35 56 bought from Goose3 (old board member here years ago) and vg-10 01-s (I think purchased from ira stein off ebay years prior) , Anyway, I was walking around an met a guy named steve ellwood (which some of you knew well) he had a 56 flyer in Xf-45. I was not up on the varieties of these back then, so I wanted to get an opinion from an expert. I asked if I could take it over to Rick and have him look at it for me. He was the only one I knew of at the time . Steve who didn't know me then, looked at me funny because I was asking to carry his coin away from the table., so I politely said, Ill leave my two coins im upgrading from with you while I do it, and he smiled and said Ok, and commented on how he liked the 01-s and was it for sale, I mentioned only if I can find an upgrade. When I got back, he mentioned that he actually might know where an 01-s in fine was and if I was seriously interested, I said yes, actually more so for that then the 56 flyer. I ended up passing on the flyer with the possibility of getting a nicer 01-s. Well it actually worked out, he located the PCGS OGH f-12 that has been shown around here for many years and he took the vg-10 in trade against it. I don't own either of those coins for many years now as I have since upgraded both substantially at this point in time.

How do you pay for stuff at a major coin show?

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