Dealers: Do you take personal checks at shows?

smprfi · February 25, 2003 5:59AM

As a customer I find this easier and safer than having to plan days ahead to guess how much money I'm going to spend, then make my withdrawal.I like to buy on impulse and planning is difficult this way.
I would have no problem with you holding the coin and mailing it to me after the check cleared.It would be easier for me at a show to find out what type of person and reputation you have than it would be for you to find a reference on me.
Are there dealers that do this?

RYK · February 25, 2003 6:02AM

As a collector, dealers have offered to take my check at shows when I can give one or two dealers' names as a reference. Overall, I am with you. If you do not take my check or my plastic, you will not get my money.

Bear · February 25, 2003 6:11AM

Any dealer must use the caution expected of a bussiness person. References are very important.

Are you a good customer, do you pay promptly, are your checks good. If the dealer can not get

these questions answered by a reference dealer, then take the check and mail the coin later or

go the credit card route if the sale is not to be lost along with the customer.

I dont seem to have a problem, people just seem to like and trust bears.

wayneherndon · February 25, 2003 6:13AM

Yes, we take checks but expect to have ID and the name of another dealer present at the show with whom you have done business by check successfully on several occasions. We will check that reference and using that information as well as the information on your ID as decision factors in whether or not to accept the check (depending on the size of course).

Now, if you don't mind having the goods shipped later after the check clears, then most of that goes out the window.

WH

jadecoin · February 25, 2003 6:21AM

Certainly!

- jadecoins

FinallyHere · February 25, 2003 6:23AM

I'm with Wayne here....he said it all. I certainly try and will go out of my way to make a transaction possible, easy and painless. However, we must exercise good business judgement. I have, over the years, taken checks from people that have not been able to provide a reference that I could verify at the show. I think I am a pretty good judge of character and when all else fails, I use the grey matter God gave me......have I been wrong....yup......but not often. People, for the most part, are generally honest and good hearted.......I sure try to believe that anyway.

Mike

maddox · February 25, 2003 6:30AM

I won't even take a check from my grandmother, but I will take her Credit Card

I don't like checks, period. I've been burnt a couple of times. Professionals with perfect, fake DL's and ID's. the only exception is if it's a friend or someone I have pervious dealings with. Go with your instinct, it's always right.

rwhite · February 25, 2003 6:49AM

You gotta have a dealer reference present at the show.

Ryan (i'll be @ Liberty Coin)

BillJones · February 25, 2003 11:20AM

So long as someone vouches for you, and I can get you telephone number, address and see your ID, I'll take it. After one of your checks has cleared and I get to known you, I prefer checks to cash for many reaons:

1. I HATE to count cash. Too many chances for errors.
2. Some banks, not the ones I deal with, charge you a fee for depositing cash.
3. If you collect $10,000 on more in cash from one person during a year, you have to report it to the IRS. More paper work. YUCK!
4. Cash is more dangerous to carry.

I'll take a good check over cash anytime, and checks are 100 times better than credit cards because of the credit card fees.

DesertLizard · February 25, 2003 11:24AM

3. If you collect $10,000 on more in cash from one person during a year, you have to report it to the IRS. More paper work. YUCK!

I believe you are referring to a SAR-8 and that is for 10k amount at one time or a "short" period of time. Not the whole year.

BillJones · February 25, 2003 11:41AM

<< <i>I believe you are referring to a SAR-8 and that is for 10k amount at one time or a "short" period of time. Not the whole year. >>

That's not the message I've gotten from other dealers who have had IRS problems.

crispy · March 15, 2007 3:42PM

I was curious about dealers and checks/credit cards as well, so I did a search and came up with this 4 year old thread. Any other dealers or collectors want to chime in?

I remember businesses were able to authorize checks and/or credit cards. Is this not practical or possible at shows? If I want to buy a $2500 coin and want to pay with a check, I'm not so sure that I want to wait for a coin that may never come. Most of these dealers don't have a B&M existence. Don't get me wrong. I understand the reluctance to accept a check form someone you don't know but it's a two-way street. I've heard dealers complain about getting rubber checks from other dealers. There has got to be a good way of verifying checks or credit card purchases. Quite honestly, I pay cash for smaller purchases so I couldn't get a (check) reference from a lot of the dealers that I do business with. If I find that perfect coin, I'm not going to have $3k or even $2k in cash on me.

BigE · March 15, 2007 4:26PM

Maybe tie the coin up then arrange to get it later, less stresss-----------------------------BigE

FinallyHere · March 16, 2007 12:15AM

Yes, I'll take a check with ID and a reference or two that I can verify. And, if we have a problem-free history taking a check is not an issue at all.

I have a client that I see at every Long Beach show. He usually buys 1 or 2 coins. Anyway, he does something I've never seen before, which I think is not only smart but incredibly well organized; he has all his canceled checks from past show purchases with him!!!! Yup, all of them.....going back years - there's rarely a need to check a reference in his case since he has, over the years, purchased from many of the larger, more prominent dealers. He can show you his canceled check(s)! Of course this is not full-proof, but you have to admit it's a great idea and well organized....if someone's that anal I'd bet they're on the up & up

And, if for some reason you read these boards Bill....well, please understand the anal remark is a compliment!

GoldenEyeNumismatics · March 16, 2007 1:36AM

usually

they are much more willing to if you have known them for a while

RichieURich · March 16, 2007 4:33AM

Yes, I agree with what Wayne Herndon and Bill Jones said. For an unknown customer who doesn't have a reference at a show, then I will be happy to take the check, write up the invoice, and then ship the coin at my expense after the check has cleared. Most people understand and accept that. Credit cards aren't accepted by a lot of dealers (including me) because of their fees. If you're making 10% on a coin, 3% credit card fees are too much to pay.

BTW, I'll be at table #1600 in Baltimore! Stop by and say hello!

Writersblock · March 16, 2007 8:41AM

<< <i>For an unknown customer who doesn't have a reference at a show, then I will be happy to take the check, write up the invoice, and then ship the coin at my expense after the check has cleared. Most people understand and accept that. >>

Heck, if you have a coin I want but you don't know me from Adam, and your willing to take my check and send the coin after it clears I'll be happy to pay the extra to cover the shipping myself. I just want to make sure I get the coin. I've done that on more than one occasion.

kwmorgan · March 16, 2007 8:51AM

I have yet to have a dealer refuse a check. I usually give them phone number and show my driver's license with it.

AnkurJ · March 16, 2007 9:07AM

When I went to my first show last September, I saw 2 toned Morgans that I really liked, but they would come to around $400. I didnt have that much cash on me, and the dealer didnt take credit cards. So I gave him a cash deposit, and I told him I would mail a check. I sent the check, and got my coins in the mail. After that show, I know that dealer and multiple others would have no problems accepting a check from me. But if it was a dealer I have never dealt with and doesnt know me, i can understand why he would refuse it. And frankly, I probably wouldnt even ask if he would take a check.

This brings up another question from me. Many dealers I give checks to ask me to make it out to cash. Any dealers here ask collectors to do this?

Ankur

Twincam · March 16, 2007 12:09PM

We made a rather substantial purchase at the Charlotte show today from a dealer we haven't done business with before...although we had spoken previously. He took a personal check, and handed us the coin

TAClough · March 16, 2007 12:16PM

<< <i>We made a rather substantial purchase at the Charlotte show today from a dealer we haven't done business with before...although we had spoken previously. He took a personal check, and handed us the coin >>

What did you get? 70D?

Tim

WTCG · March 17, 2007 9:48AM

Personal checks are acceptable with proper, verifiable identification and dealer references. It may seem like a hassle, but dealers need to protect themselves from possible liabilities.

True story...on Sunday at the 2005 ANA San Francisco somebody I didn't know tried to pay with a check that was missing a routing number. Before I noticed the absence of the routing number I asked for identification and he showed me his driver's license that had his address and personal data rubbed out. I then asked him for a reference and he pointed me to a dealer (who is a very good friend of mine). The reference dealer claimed to not know this person but did buy a $4 item with cash the day before. He then could not provide me with any other references and urged me to accept his check, minus the routing number on it.

Dealers: Do you take personal checks at shows?

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