I will be attending a coin show this weekend and was wondering about the payment options among the dealers. Obviously, most dealers want and prefer cash. But if I make a purchase of say $1,000 or more, I would prefer to pay by check or even credit card for a couple of reasons. First, I don't want to carry that amount of cash around and second, a check or credit card provides better proof of payment. Any guidance of this would be appreciated. The show I will be attending is out of town, so I guess most dealers would be hesitant to take a personal check.
Yes most do not take checks. I once got a fair deal by just being at a table where another dealer was buying a Gold coin. He wanted to pay by check. The seller said "I don't know you and won't take your check". Funny because both dealers have been at several shows at the same time before. I have seen both many times at various shows. Anyway I overheard this and when the potential buyer left the table I stepped right up and said "I'll take it".
I doubt that you will find many dealers willing to accept a personal check. I did notice a few that advertised accepting credit cards at a show I attended recently - but with credit cards they may want to charge you sales tax or a fee for using the card. I hope your show is better than the one in Tucson last weekend...
I know that if I was the dealer, I would only take check if the total was under or at least close to $100. Anything over that and it had better be cash in hand. Speedy
At all of the shows I have ever attened I can't recall a single dealer who would refuse a personal check. Many will refuse a credit card because they aren't set up for it - no phone lines at tables so they can run the card. But never saw one refuse a check. I have on the other hand had several who balked at accepting cash - they actually preferred a check so they didn't have to carry around the extra cash. Sure they always took the cash in the end, but they would have preferred the check. One thing you can do if you have to in order to make a purchase. If a dealer has a coin you want and he is not set up for credit cards, ask to make the sale thru another dealer at the show who is set up for credit cards. Almost always at least one is. And typically the dealers are happy to work with each other.
I use cash for items under $100. I use checks for everything else. Never had anyone refuse. The closest I came was a vest pocket dealer who asked for a reference, so I directed him to one of my primary dealers. Transaction completed.
Ditto to what Kanga said. I was at a local show this past weekend, and Every dealer I talked to took personal checks, no one took credit cards and of course, they all loved cash lol Out of the 10 dealers I visited with, only one was local, the next closest was from about 45 minutes away, but as long as I had a valid ID and a current addie/phone, they were happy to oblige. Plus, if there is any doubt on their part, you can always call your back for verification of funds if that is their concern
Around here, most shows are on the weekends. My bank is open on Saturday. If necessary, I would go get a cashier's check or money order. When I go to out of town shows, I take note of my bank's locations near the venue for the same reason. I've never had a problem - they've always taken my personal checks.
Trust is a two-way street. On at least one occasion a dealer didn't want my check for a substantial amount, so I agreed to add one-half of the cost for sending me the coins by registered, insured mail after my check cleared. I was on an out-of-town trip, and the coins were at my PO box when I got home. Problem solved.
I have never written a check at a coin show, I have always used cash and always take a limited amount. If I had my checkbook along I would absolutely spend more than I intended to. Same with the credit card, if dealers took them at our local shows I'd have a hard time explaining to the wife why I needed that 1916 Standing Liberty Quarter for $8,000. lol
Many dealers will take a personal check if you have done business with other dealers at that show and use them as a reference. We take checks at shows for small purchases, as well as for larger purchases if the customer can provide a dealer reference. If the customer cannot provide a reference, then we will write up an invoice, take the check, then ship the item from our office when the check clears. As for credit cards, some dealers take them, others don't. We always take them at shows. However, I can say that some dealers charge a 2-3% fee for taking a credit card. If they don't, they likely will not negotiate very much on the price of a coin. I generally think that the best way to get a good deal on a coin is to have cash handy for a quick, easy transaction.
Thanks to all for the advice and replies. Yesterday, I attended the Tennessee State Numismatic Assoc. show held in Chattanooga, TN. As I have just entered re-entered the hobby after many years, this was the largest show I have attended -approx. 200+ dealers. While I can't compare this to other shows of this size, I was impressed both by the friendliness of dealers and the large and varied selection of coins. As for payment, I did make one larger purchase and the dealer accepted a personal check. This purchase included a PCGS XF-45 Buffalo 37-D 3 legs, along with several raw buffaloes. I also made several other purchases, but with cash. I didn't ask any other dealers about accepting a check, but I suspect a lot would have accepted a check. I also noticed a handful with Cr Card signs on their booth.
