Hotel buyers

[Random]

So in the mail today I get a flyer for some hotel buyers coming to town. While I am curious what they might offer for common slabed 65 Morgan's. I don't know that I want to wait to find out. Has anyone been to one of these things that wasn't a complete waste of time?

[MarkFeld]

So in the mail today I get a flyer for some hotel buyers coming to town. While I am curious what they might offer for common slabed 65 Morgan's. I don't know that I want to wait to find out. Has anyone been to one of these things that wasn't a complete waste of time?

 

 

Perhaps someone has. But even if so, it was a total fluke. Don't waste your time, unless you enjoy beating your head against the wall.

[stldanceartist]

Having worked for some of these people before (not as a buyer, as a sorter and evaluator) I can tell you that it will be worth your time if:

 

1) You have nothing better to be doing

2) You are in need of a good laugh

3) You enjoy playing mind games with someone

 

Chances are, they will offer you something significantly lower than what they would realize on the open market. Kind of like if you took your slabbed coins in to a pawn shop...except that a pawn shop is a place of business that stays in town, so they at least consider that people will stop coming in if they get a reputation for being scheisty...

 

Of course there are always exceptions to any rule - but if you're seriously expecting a hotel buyer to give you a good price, my advice would be to bring a greysheet and act like you know what your coins are worth...otherwise, they will try to get them for melt or just above it.

 

Just my opinion, FWIW.

[johnny9434]

i trust them hotel buyers like i trust a pissed off rattle snake. nope, not going there.

[Random]

The flyer say that the wait will be minimal because they only send out limited flyers. Limited to everyone named "resident".

[WoodenJefferson]

There are only two words in their entire vocabulary: Low Ball

[mikew148]

You would do much better by listing them right here.

 

I'm interested already!

[wheat'swheats]

when I was still in law enforcement, I and a buddy was hired to work security at one of these buy locations. After the first day I stopped because even though these people were full time dealers they were total rip offs. I saw them offer an older lady $25 for a 1889 cc morgan that was at least an AU 58 or better. I thought the people responding to the ad needed protection not the dealers

[Conder101]

And at least one of the larger Hotel buyer, who goes by several different names when they come into town buying, has a reputation for paying using with rubber checks. Stay away, you can do better.

[PerryHall]

Hotel buyers are good at sizing up people. If they think you don't know anything about coins, you can expect to get ripped off.

[Nutmeg Coin]

I know the guy who runs a local pawn shop, he had a list of Morgans he needed for his collection; so I brought in a group earlier in the week that were raw, I had paid well because they were nice coins. I said he could pick any of the CU/BUs at $40 each, around what I actually paid. He said they looked "cleaned" or "polished"; translation, the critical analysis game, where coins that are not darkly toned are somehow impaired or damaged. If the coins had been darkly toned, he would have probably said they were unattractive or unmarketable. These were no problem uncleaned Morgans and Peace dollars. Next he pulls out cash and says how about $100 for the three and I say no $40 each, so he says $110 then gives me the $120.

 

Process with the hotel buyers is worse, the critical analysis is in hyper mode. Every coin is going to have a problem. Precious metals get quantified artfully in drams or pennywise, Greek to most citizens, the customer is made to feel whatever the buyer wants to make them feel to get them to part from their collection.

 

One hotel buyer in Vermont had the chutzpah to advertise how they bought a large collection from a Ms. Quimby, a recognizable family name in New England, that had a face value of several thousand dollars for $37000 or so. If that collection was all numismatic and a good percentage of quality material that is a heck of a deal. Too bad sellers have no legal rights if they sell a half million dollar collection for $1000.

[WoodenJefferson]

Full page ads in local newspapers run an average of $1,000 per day and you must provide the proof, the editor will fill in the times, dates & location. The cheapest thing in this enterprise is the hotel/motel rental.