When selling at a show, is it OK to ask for part payment in cash and part by check?

Longacre · February 22, 2007 2:56AM

Suppose you are selling a coin at a show. Suppose further that you have no doubt that the dealer(s)' checks that you are receiving when you are selling are good. However, you would like to have a little green cash to make some relatively inexpensive purchases at the show. Normally, you would carry cash to the show, but you are fearful of getting rolled on the way to the show and want to carry as little cash as possible. If you are selling a coin for $2,000, for example, is it permissible to ask for a check for $1,800, and cash of $200? Or is that too much of a bother for the dealer and he will tell you to take a hike because you are making his life difficult.

PS. The part-cash deal is purely for spending money. Assume that all parties are accounting for the transaction properly and there is no tax avoidance motive.

tradedollarnut · February 22, 2007 3:01AM

You can ask, but not all dealers will have any significant amount of cash.

ziggy29 · February 22, 2007 3:24AM

Nothing wrong with asking. The worst they can do is say they can't pay out any cash. It's not like it will kill the deal.

RYK · February 22, 2007 3:24AM

I would think that you (or the index person) was being a bit of a pain. In my experience, some dealers prefer to pay with cash, some with check, and, so long as you are confident that the check is good (get references, if necessary) take whatever they are offering. If they ask you if you have a preference, pick one.

Bochiman · February 22, 2007 3:26AM

I've done it, with a dealer I know. Sold him a 55/55 AU and got cash, check, and trade. I didn't figure that much in cash, and was willing to take his check but he actually told me any amount in cash was fine as he was holding a lot for the show (it had just started that day). So, I took ~$600 cash, $240 in trade, and the remainder was a check.

Kinda depends on the dealer and how much cash they have and are willing to part with during a show.

1798CentCollector · February 22, 2007 3:26AM

I would carry a certain amount of cash to a show and then a checkbook. . If you don't have enough cash you can usually put a coin on layaway or write a check for a downpayment or the amount of the coin - most dealers I don't mind taking a check and shipping the coin later after the check clears. I don't. If it's a regular customer I take a check without any questions. As a dealer, I prefer not want write a check to anyone for any less that what I purchased a coin for.

Deadhorse · February 22, 2007 3:29AM

I've done the same thing and never had any problems. The dealer never batted an eye at my preference.

It simply wasn't even an issue. Nothing wrong with that at all.

tmot99 · February 22, 2007 3:44AM

I've asked and never had a problem. I think it also depends on the amount you are asking for. The amounts that I asked the dealer for were realistic.

notwilight · February 22, 2007 3:46AM

And having a check for 75% of what you sold the coin for could help at tax time.....

WTCG · February 22, 2007 3:57AM

You can always try to ask for some cash, but many dealers (including myself) rarely carry any significant amounts of cash on-hand with them.

jonathanb · February 22, 2007 3:59AM

I've even had dealers offer to pay part in cash and part by check without my asking for it. Sometimes I've taken part in cash; other times I've told the dealer that I'd be happy to take the cash but a check for the whole amount is fine also.

I don't think this sort of thing is uncommon at all.

notwilight · February 22, 2007 4:01AM

I saw dealers eager to pay all in cash toward the end of the LB show, probably so they didn't have to transport so much cash as they left. --Jerry

Baley · February 22, 2007 4:45AM

I usually ask for payment in 90% check, 5% cash, 3% silver granules or scrap, and the remaining 2% in US stamps.

No one seems to mind

DaveG · February 22, 2007 10:50AM

Well, if he's like most of the dealers at the Baltimore show, he'd say: "If you only want $200 in cash, why don't you go to the ATM in the lobby?"

Bochiman · February 22, 2007 11:27AM

<< <i>Well, if he's like most of the dealers at the Baltimore show, he'd say: "If you only want $200 in cash, why don't you go to the ATM in the lobby?"

>>

Someone gets snippy with me, like that, and I would say "great idea! Tack on an extra $5 to the check you are writing me for the coin....ATM fees and all, you understand, right?"

RareBronzeCollector · February 22, 2007 1:10PM

I've done it.....

It's generally not a problem, so long as you are polite about it.........

BRdude · February 22, 2007 1:17PM

<< <i>I usually ask for payment in 90% check, 5% cash, 3% silver granules or scrap, and the remaining 2% in US stamps. >>

bidask · February 22, 2007 1:26PM

In the past, I have spent reputable dealer third party checks as cash to buy coins from other dealers.

RegistryCoin · February 22, 2007 1:28PM

Just ask if they're a forum member.

Rarity · February 22, 2007 1:28PM

It is perfectly fine to ask for a partial cash payment with the remaining in the form of a check. If the amount is large, I wouldn't want to carry that much cash around in my pocket.

Amigo · February 23, 2007 2:57AM

TTT

only because I can't figure out how to save this thread for myself without ' Subscribe' feature. Emailing to self doesnt seem to work. Anyone have a better way to save threads ? Thanks

DaveG · February 23, 2007 11:07AM

Bochiman,

I think you may have missed the "winkie" at the end of my comment.

By the way, why would anyone bank where they have to pay ATM fees? I haven't paid an ATM fee in at least a decade.

When selling at a show, is it OK to ask for part payment in cash and part by check?

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