Someone mentioned hotel purchases....
Klif50
Posts: 691 ✭✭✭✭
How long ago was it when the big buyers were running all over the country, setting up at hotels and running massive ad campaigns for buying coins? Seems like it was an every weekend thing to see full page ads in the newspapers (that kind of tells you how long ago it was since there are very few newspapers left). They set up, paid cash for the most part and had lines of people out of the door. From a sampling of prices they probably paid about 40% of sheet for most coins and less than melt for silver and gold and they bought a ton of stuff.
I never sold anything there but often thought it would be a good idea to try but I don't have the 100K necessary to pull it off.
Old guys have long memories.
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I haven't heard about them in about a decade. I don't follow them (and don't care to) I always thought they were never totally honest, jmo, fwiw
When I initially scrolled through, I had it in my head that someone was buying hotels...
Seriously though, I recall these back in the 1980s??
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Those fly-by-night operations are still around. There was a full-page ad in the local paper within the past 2 months. They were only in town for 2 or 3 days. The ad said they pay UP to a certain amount for various types of coins. My guess is that they buy circulated coins and jewelry for less than local dealers, and possibly no more for mint state or slabbed coins. Seller beware!
15+ years ago I stopped by a local hotel one of these buyers had rented to show them some coins from my collection that at the time probably would sell at wholesale for $8,000.00 to $9,000.00. I told the buyer's representative that the coins were inherited from my wife's father upon his passing and that neither my wife or I were coin collectors.
The buyers representative looked at the coins, took notes of what they were, got up from the table to consult with his supervisor (in another room) and came back with the buyer's offer.
The buyer's representative told me that the buyer thought the coins were very nice and that he would offer "more" than he
would if the coins were of lesser quality. His offer was $3,300.00.
I told him I would have to discuss his offer with my wife and get back to him if we were interested in selling.
These buyers typically are bottom feeders.
We had two of them around here last month. One was at various hotels for two weeks.
The ads I have seen around here note they will buy coins,comic books, sports cards,watches. No interest in hearing their offers. I've always stayed away.
Do they pay in cash? If so it sounds pretty dangerous to me for everyone even if there is security.
Happened to walk by a hotel buyer and saw their sign. Watched for 10 minutes waiting to see what would happen. No one came by to show their coins. Thank goodness
Have not seen those ads in a very long time. I am surprised to read above that they are still happening. Not something I would seriously entertain, though I might do it just to hassle them. Old guys like that sort of entertainment
Cheers, RickO
Some of that transitioned to gold and silver stores.
Brick and mortar places.
I have one locally and it's still busy buying and selling.
It's not a fly-by-night place but,
They typically buy at 25% back of spot on scrap jewelry (no value in the stones removed) and I've seen people leave diamonds and gems behind saying what would I do with them.
carbins
I often thought of hanging around outside and catching people coming out that have not sold their coins and such. I'm sure they have some big old security guys hanging around to make sure that doesn't happen.
Our local police often have gun buybacks where they pay $50 for rifles and shotguns and $100 for pistols. I've seen some superb weapons being surrendered from people who don't want guns around their house or have no idea what Grandpa's old pistol was worth. A couple of times I have stood on the street corner up the street from the buyback and bought guns from people walking by at better prices than the buyback program offered. Got some really nice World War II handguns and carbines and paid up reasonable prices for them.
It was fun to think about setting up in a hotel ballroom and buying everything that walks in but I just could not rip people off the way these folks did/do.
In my city we used to have these traveling roadshow guys come through a couple times a year on average, advertising that they buy everything, with the usual pie in the sky "as much as" numbers in their ads. After a ton of complaints from antique dealers, coin shops, music stores and pawn guys who have to pay for licenses, they finally passed an ordinance requiring them to buy transient second hand dealer licenses (at a higher rate than B/Ms have to pay)
RIP Mom- 1932-2012
For some reason one of my local banks hosts one of these "coin buyer" shows every once in awhile. I like to haunt the branch afterwards for all the stuff that the "buyers" turned down - 40% silver, wheat cents, Ikes etc that get deposited to the bank when the "buyers" lowball or noball.
The crazy thing is, I have never received a newspaper advertisement about buying coins, jewelry, toys, Rolex watches, etc. In the 12 years living in TX, not until I read this post. I just received a 16 page newspaper advertising the American Rare Coin Collectors Convention! They are setting up in a local hotel. 😆. Lol.
USAF (Ret.) 1985 - 2005. E-4B Aircraft Maintenance Crew Chief and Contracting Officer.
My current Registry sets:
✓ Everyman Mint State Carson City Morgan Dollars (1878 – 1893)
✓ Everyman Mint State Lincoln Cents (1909 – 1958)
✓ Morgan Dollar GSA Hoard (1878 – 1891)
I remember a few coming through my town about 15 years ago, give or take. Their offers were so low it was insulting. I think they prey largely on older folks who may have old coins and not know any better.
I went to one of these almost 15 years ago and waited in line for almost 3 hours. I had some raw key date coins that were worth about $400 or $500 each and they offered me melt. I was furious…SCAMMERS!
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
Maybe it takes a down market for them to come out. Friend took some coins over to them one time - they lowballed heck out of him.
If I didn't have a better way of spending my time and felt like stirring the pot, I'd take my Morgan 1889-CC MS-62 there just to see their response. That or stand outside to buy anything good before I went in.
Here's the troubling part. They take a photo copy of your drivers license before payment. They say it's precautionary for stolen items. What's on your DL? No way they are getting my address.
They even offer in home visit rather than taking items to the hotel. No way, not happening.
USAF (Ret.) 1985 - 2005. E-4B Aircraft Maintenance Crew Chief and Contracting Officer.
My current Registry sets:
✓ Everyman Mint State Carson City Morgan Dollars (1878 – 1893)
✓ Everyman Mint State Lincoln Cents (1909 – 1958)
✓ Morgan Dollar GSA Hoard (1878 – 1891)
My problem with these traveling circus buyers is that they are often dumping grounds for freshly stolen items. A lot of them pay cash and magically lose track of documentation, then they're gone after the weekend.
RIP Mom- 1932-2012