Question about coin shows

[slcoin]

I'm headed to a local coin show tomorrow and I'm hoping to find a MS 1934S Peace Dollar. Will vendors accept credit cards or should I take cash? I'd prefer not to carry around several thousand if I don't have to.

[jerseycat10]

No, they will likely not take CC's. Coin shows are usually cash only, unless the dealer knows you well, in which case they might take a check.

[Walkerfan]

Take CASH if you want the coin right away. They MAY take a check and send you the coin AFTER it clears. MOST smaller dealers will not accept plastic, although with the latest technology it is becoming a bit more common than 'yesterday'.

[slcoin]

thanks!

[DirtyGoldMan]

If you are well-known or have references, they will take a check. If not, they will take a check and hold coin until it clears or might just take a check because they have sized you up and trust you. Most will take cash. The minority, at coin shows, are set up for a credit card transaction, even though with current technology, I could take PayPal or be set up to swipe a card tomorrow, if I wanted to be.

[slcoin]

That's what I figured. With things like Square or Paypal it is easy to attach a dongle onto your smartphone and take credit cards for a 2.5% premium. I suppose dealers may slowly move towards that technology, but I'll take cash tomorrow to be safe.

[BillJones]

Remember that a credit card IS NOT the same as cash or a check. The credit card company takes something like 3% or more of the gross payment, and that changes the complexion of the deal. The best thing to do is get yourself well established with the dealers so that your checks are as good as gold.

 

When I buy a large item for a dealer at a major show with whom I have not done business, I usually get asked about references. It's good to have a list of three or four dealers with good reputations that have been in business for a long time. Once I rattle off those names, they take my check with no questions.

 

Carrying a lot of cash can be dangerous for you and the dealer. In addition with the IRS getting the way they is with their cash deposit rules, most legitimate dealers much prefer checks.

 

Edited to add. If it is a local show, don't count on finding a somewhat expensive item like a Mint State 1934-S Peace dollar on the first shot. You have to go to a regional or national show to find something like that.

 

Some dealers service want lists. If you can find someone who does it well and faithfully, it can save you time and travel money.

[RWB]

Don't buy the first slabbed 1934-S dollar you see. Look at as many as you can before buying the nicest for the money. Also, examine prices carefully so you know what is fair for a nice coin that you'll be proud to own a year from now.

[johnny9434]

If you are well-known or have references, they will take a check. If not, they will take a check and hold coin until it clears or might just take a check because they have sized you up and trust you. Most will take cash. The minority, at coin shows, are set up for a credit card transaction, even though with current technology, I could take PayPal or be set up to swipe a card tomorrow, if I wanted to be.

technology is making big progress these days. i heard the got a swipe thing you can plug right into your phone for like 2 3/4%. so they pass it on to your or asorb it.

[BillJones]

If you are well-known or have references, they will take a check. If not, they will take a check and hold coin until it clears or might just take a check because they have sized you up and trust you. Most will take cash. The minority, at coin shows, are set up for a credit card transaction, even though with current technology, I could take PayPal or be set up to swipe a card tomorrow, if I wanted to be.

technology is making big progress these days. i heard the got a swipe thing you can plug right into your phone for like 2 3/4%. so they pass it on to your or asorb it.

 

In the coin business there not much of "absorbing it" unless you are paying more than a lot of guys in the room. Just try and use your credit card at one of the major auction houses and find out about the reception you will get.

[JIM F.]

You might post in the BST thread that you are looking for such a coin.

Regarding using a CC, that's just not a good idea for buyers or sellers. Cash is king.

 

Hope this helps and good luck.

 

 

[slcoin]

Don't buy the first slabbed 1934-S dollar you see. Look at as many as you can before buying the nicest for the money. Also, examine prices carefully so you know what is fair for a nice coin that you'll be proud to own a year from now.

 

Thanks for the advice, I certainly don't plan on buying the first one I see and if I end up walking away empty handed I'm ok with that. It's part of the fun, finding the right coin at the right price that you can be proud to own!

[James_OldeTowne]

Cash talks, plastic walks.

 

Bring lots!

[CoinZip]

I think you will find that 99% of dealers do not have the ability to accept credit cards at a show.......

 

I'm in the 1% category......

 

 

[Nutmeg Coin]

A check with good references at the show should work in many cases. It is a felony to pass a bad check.

[slcoin]

Well I didn't find my 34S Peace, but I didn't walk away empty handed either. Picked up a pretty nice Morgan toner, pics here

[nk1nk]

Slcoin,

 

How was the show? I am thinking about heading up tomorrow. I like the toner you got, how was the toned coin selection? I know at the last show at slcc there was very little color with the exception of Kameron's table.

 

Nick

[slcoin]

It was my first show, so I don't have anything to compare it to, but I had a great time. A lot of dealers had a good variety of coins. I was looking for uncirculated peace dollars and in that type most vendors had lower quality stuff. There was not a lot of color, but definitely a handful of Morgans that you may like.

[Kurtdog]

Cash talks, plastic walks.

You mean plastic sells.