GUN VALUE GUIDE Understanding firearm values and condition Fla9-2.fm Page 27 Friday, October 19, 2007 6:29 PM I: Collecting Firearms Values and Condition asic to the understanding of the monetary value of photographs, there can often be great variances in price within a antique arms is the fact that stated figures are purely single model or type—which to the casual observer all look alike. B arbitrary, and there is no such thing as a fixed price. The A slight difference in markings, placement of screws or discussion of gun values is highly subjective—as often are the seemingly minor parts all play highly important roles in values themselves. Social and emotional factors often affect an identification. The reader is urged to check all these minor object’s worth and in some cases to a very great degree. Rarely technical points in the text accompanying each model after he indeed will two experts look at a specimen and arrive at the exact has identified his piece from the illustration accompanying that same dollar value for it. With the more often encountered guns, text. To repeat again, the mere fact that a gun does not appear those same two experts most likely would arrive at a price listed in this work (or is apparently unique) does not necessarily within 10 percent of each other; the disparity would rarely be indicate it is either a priceless rarity or an unknown model. One more than 20 percent. A number of reasons account for the should conclude that the specific piece certainly possesses an seeming lack of consistency in this hobby as opposed to the more interesting potential and is well worth further research into its clear cut, definable fields of coins, stamps or books. The primary background and identification. Although this book does contain factor is the size of the field itself; gun collecting does not have more descriptions, models and variant types than any other of its nearly the following of the latter three hobbies, nor does it have type ever published, gaps are inevitable. anywhere near the percentage of full-time large dealers issuing standard catalogs. The smaller known overall market and the looser interpretation of prices because of less published or AN INSIGHT TO 19TH CENTURY ARMS MAKING otherwise maintained standards by professionals combine to make for a decidedly more eccentric market. Equally important Often overlooked, even though it has appeared in all is the fact that firearms do not neatly fill a definite grading preceding editions of this guide, is a particularly enlightening category as do stamps, coins or books; this is made even more insight to the manner in which the American firearms business complex by the mechanical functions which weapons possess. was conducted in the earlier nineteenth century through to the Lastly, guns feature many more variables and irregularities than Civil War years. Such knowledge is readily gained from the either stamps, coins or books; most important among these are study of Whitney firearms as discussed in the prefatory to the historical associations, inscriptions, manufacturing variations, Whitney chapter (5-J) of this guide. A concise summary of factory accessories, restorations and engravings. seldom mentioned production, assembly and merchandising In order not to discourage the reader at this point, it may be practices warrants the collector’s understanding. It is logical to further quite emphatically and accurately stated that just about assume that what occurred with Whitney, applied equally to every weapon made does fall within distinct price guidelines other gunmakers and has the likelihood to account for other and price categories. These figures are determined by what previously unexplained model variations and anomalies. It previous weapons of the same type have brought in the open becomes apparent from the section describing Whitney’s five market, by what closely similar weapons possessing a similar models known as “Good and Serviceable Arms” (Whitney’s degree of demand and rarity have brought, or in the case of own terminology) that the art of gunmaking and merchandising extremely rare, infrequently traded guns what they would bring was not the “exact science” that many authors and collectors based on experience and in the view of the influencing factors might wish them to have been. Whitney’s method of purchasing discussed within this section. surplus parts and assembling guns for private sales other than to the U.S. government similarly accounts for similar arms that do CORRECT IDENTIFICATION not conform to strict government inspection standards. It is Fundamental to establishing value is accurate identification likely some of those marketing practices will account for of the gun. The mere similarity of a piece in contour and shape occasional odd variants encountered. A gray area for certain, to one pictured herein or in another reference work, is hardly and the knowledge of which offers potential for abuse. Thus far, sufficient to conclude that the specimen is identical. Looks are instances of the misuse of the information have not made any deceiving when it comes to determining the fine points of gun significant inroads in the arms collecting marketplace. However, identification and, consequently, value; jumping at conclusions knowledge of those nineteenth century practices of Whitney is often dangerous and costly. As will be seen in the thousands Arms Co. requires the attention of present-day collectors. More of guns listed in this book and the many hundreds of is read about them in Chap. 5-J. NINTH EDITION ❉ 27 Fla9-2.fm Page 28 Friday, October 19, 2007 6:29 PM II: Values and Condition THE WORD “VALUE”—A DESCRIPTION fluctuating, spasmodic and erratic. Generally the reasons for varying degrees of demand can be logically explained. Often Intrinsic value and monetary value are often inseparable to the astute collector, with an eye towards investment and the collector. The highly subjective nature of the former and the potential future growth, has collected along lines in which general nature of this work precludes a discussion of it, and we demand has been very low and in time found himself with a shall confine ourselves purely to the latter. collection that had appreciated immensely in value. This According to Webster’s New World Dictionary “value” is “...a potential is not limited only to certain types or makes that are fair or proper equivalent in money, commodities, etc., for still relatively low in dollar value, but often exists in extremely something sold or exchanged; fair price. The worth of a thing in expensive ones as well. The classic examples in the last decade money or goods at a certain time; market price. The equivalent have been in the very high-priced (seemingly so at the time) (of something) in money. Estimated or appraised worth or mint condition engraved Colts and Winchesters. In some cases price; valuation.” The Roget’s International Thesaurus allows these types rose in dollar value to astronomical heights, interchangeable use of value with “...worth, rate, par value, percentage-wise far outshining pieces way below them in valuation, estimation, appraisement, money’s worth, etc.” dollar value. Of course, the classic analogy of tumbling into a Thus, it is obvious there are many interpretations as to what sewer and emerging with a diamond is always hoped for and comprises value. occasionally happens; known as finding a “sleeper” in the For the purpose of this particular work, it is important to be jargon of gun collecting. Many have made their sleepers more specific in the use and definition of this key word. In order happen with careful planning and foresight. to do so, modification must be made to “fair market value,” a Some collector’s guides and reference works assign degrees more legalistic sounding term which has been quite strictly of “demand” on a numerical scale with the lowest number defined (by the Department of the U.S. Treasury in their indicating little popularity or demand, increasing (apparently to publications concerning appraisals) as “...the price at which the a fever pitch!) as the numbers ascend the scale. This writer feels property would change hands between a willing buyer and a that such numerical scales not only hold little validity due to the willing seller, neither being under any compulsion to buy or sell rapid changes possible in gun collecting, but that they unfairly and both having reasonable knowledge of the relevant facts.” influence the collecting of a particular item and thus have been Since there are no rigid fixed rules or formulas in arriving at found quite impractical. the price of an antique or collector’s firearm, it may be said that Demand varies geographically, and because of this, prices in the “fair market value” of such arms is determined by many instances can be said to be regional. An excellent considering all factors that reasonably bear on determining the illustration of this point is American Colonial weapons. For the price and which would be agreed upon between the willing most part these are in low demand (if not unappreciated) in the buyer and the willing seller who were not under any pressure mid- and far West; consequently Colonial weapons prices to act. realized in those parts of the country are usually under those Having thus injected the word “price” into the discussion, it that can be realized in the East. Sales are also more difficult on a may be logically assumed that a current value in U.S. dollars has regional basis, with the best potential in the East, particularly been assigned to all guns in this work. It may further be assumed where the arms were originally used. Further illustrative of our that the dollar value shown here for the respective firearms are point are firearms used in the expansion of the American those prices known to have been realized or accurately Western frontier, recognized as fine collectors’ items and in estimated to be realized as “fair market value” when the piece demand throughout the United States.