"Roadshow" buyers have been popping up all over the country this last decade buying gold, silver, coins, art, antiques, guitars and other rare and collectible items. Just like the circus, they come to town for a few days, and then are gone. But choosing to sell to these "roadshows" may have deeper ramifications to you or your community than you may think.
First and foremost, the biggest consequence could be to your pocketbook. While there are legitimate roadshow buyers, many are known to pay some of the lowest prices in the industry. The fewer dollars you are paid translates to less you can spend in your own community. Double-checking their prices before you sell can alleviate this. It may take more work, but it could be very rewarding to do so. As an example, one of the roadshows was in town and a couple went to check it out. They were offered $379 by the buyer at the counter. When they thought it was too low and were about to leave, he went and got his manager. The manager re-examined the material and offered $985. Nearly satisfied with this higher offer, they decided it might just be prudent to double-check. Fifteen minutes later, they had $2,447 in hand from a local company.
Second, the profits made by these hotel-based buyers leave the community. While the hotel hosting a roadshow may sell a few rooms, and restaurants a few extra meals, the real money leaves town when the roadies do. Local businesses and their employees support the local tax base, home sales, retail stores, schools, and local sports, to name just a few. When you choose to do business locally, it helps our whole areas economy remain strong.
Thirdly, some roadshows may not always follow local laws. Whether by choice or ignorance, this can ultimately help crime. Stolen items are often taken to these types of shows where the crooks know that the buyers will soon be gone. Most communities have holding or reporting laws that businesses must adhere to. These roadshows know that they can often slip through the cracks. Licensing agencies often miss what is required to issue a buyer's license. If local authorities are not alerted, a roadshow may leave without having reported anything that has been purchased, and almost certainly without having to hold what was bought. A few even forgo recording their transactions, knowing that they will likely not be checked. If checked, they can just pick up and leave.
Ultimately, choosing to do business locally may be better for our community. Profits made by local businesses go directly to your friends and neighbors that work for these companies. Local businesses support many of the community events and needs on an ongoing basis. Ultimately, when you do choose to sell locally your dollars, stay local.
If you check, a host of local businesses are also vying to buy your items. These are people that you know and see on a regular basis. Most will not only have their interest in mind, but yours also. And if you take the time to check, you will likely find that you are not settling for less money. And if you are, go back and sell to the roadshow buyers. After all, there is still free enterprise in America, and buyers can pay whatever they deem fair. It is up to you to choose whether or not to sell.
• Allen Rowe is the owner of Northern Nevada Coin in Carson City.