Winchester Repeating Arms Company. Herb Houze
overlooked, even though it has appeared in all preceding editions of this guide, is a particularly enlightening insight to the manner in which the American firearms business was conducted in the earlier nineteenth century through to the Civil War years. Such knowledge is readily gained from the study of Whitney firearms as discussed in the prefatory to the Whitney chapter (5-J) of this guide. A concise summary of seldom mentioned production, assembly and merchandising practices warrants the collector’s understanding. It is logical to assume that what occurred with Whitney, applied equally to other gunmakers and has the likelihood to account for other previously unexplained model variations and anomalies. It becomes apparent from the section describing Whitney’s five models known as “Good and Serviceable Arms” (Whitney’s own terminology) that the art of gunmaking and merchandising was not the “exact science” that many authors and collectors might wish them to have been. Whitney’s method of purchasing surplus parts and assembling guns for private sales other than to the U.S. government similarly accounts for similar arms that do not conform to strict government inspection standards. It is likely some of those marketing practices will account for occasional odd variants encountered. A gray area for certain, and the knowledge of which offers potential for abuse. Thus far, instances of the misuse of the information have not made any significant inroads in the arms collecting marketplace. However, knowledge of those nineteenth century practices of Whitney Arms Co. requires the attention of present-day collectors. More is read about them in Chap. 5-J.
THE WORD “VALUE”—A DESCRIPTION
Intrinsic value and monetary value are often inseparable to the collector. The highly subjective nature of the former and the general nature of this work precludes a discussion of it, and we shall confine ourselves purely to the latter.
According to Webster’s New World Dictionary “value” is “...a fair or proper equivalent in money, commodities, etc., for something sold or exchanged; fair price. The worth of a thing in money or goods at a certain time; market price. The equivalent (of something) in money. Estimated or appraised worth or price; valuation.” The Roget’s International Thesaurus allows interchangeable use of value with “...worth, rate, par value, valuation, estimation, appraisement, money’s worth, etc.” Thus, it is obvious there are many interpretations as to what comprises value.
For the purpose of this particular work, it is important to be more specific in the use and definition of this key word. In order to do so, modification must be made to “fair market value,” a more legalistic sounding term which has been quite strictly defined (by the Department of the U.S. Treasury in their publications concerning appraisals) as “...the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts.”
Since there are no rigid fixed rules or formulas in arriving at the price of an antique or collector’s firearm, it may be said that the “fair market value” of such arms is determined by considering all factors that reasonably bear on determining the price and which would be agreed upon between the willing buyer and the willing seller who were not under any pressure to act.
Having thus injected the word “price” into the discussion, it may be logically assumed that a current value in U.S. dollars has been assigned to all guns in this work. It may further be assumed that the dollar value shown here for the respective firearms are those prices known to have been realized or accurately estimated to be realized as “fair market value” when the piece changed hands between a willing buyer and a willing seller, neither of whom were under any pressure to act. In other words—based on the author’s experience and very close acquaintance with the arms market and the highly regarded opinions of selected professional and non-professional authorities in the antique gun field, the prices reflected in this book are those which each gun would bring at retail on the nationwide collectors’ market as it now exists.
FACTORS DETERMINING VALUE
Arriving at a price for an antique gun is often a most perplexing situation for the newcomer to collecting. An explanation and a bit of experience are necessary to understand how it is done, both in terms of complexities and the inequities. A classic example is a gun manufactured in very large quantities which brings five and ten times the price of a far rarer gun of which but a handful were made.
In broadest terms, the most important factors determining value are Demand, Rarity and Condition...in that order.
1. Demand
Demand is most clearly defined by reverting to our Webster’s again where it is “...the desire for a commodity together with the ability to pay for it; the amount people are ready and able to buy at a certain price.” That succinctly sums it up...the desire for a commodity.
Demand varies immensely in the collecting world for various type firearms; it can be inconstant, unsteady, fluctuating, spasmodic and erratic. Generally the reasons for varying degrees of demand can be logically explained. Often the astute collector, with an eye towards investment and potential future growth, has collected along lines in which demand has been very low and in time found himself with a collection that had appreciated immensely in value. This potential is not limited only to certain types or makes that are still relatively low in dollar value, but often exists in extremely expensive ones as well. The classic examples in the last decade have been in the very high-priced (seemingly so at the time) mint condition engraved Colts and Winchesters. In some cases these types rose in dollar value to astronomical heights, percentage-wise far outshining pieces way below them in dollar value. Of course, the classic analogy of tumbling into a sewer and emerging with a diamond is always hoped for and occasionally happens; known as finding a “sleeper” in the jargon of gun collecting. Many have made their sleepers happen with careful planning and foresight.
Some collector’s guides and reference works assign degrees of “demand” on a numerical scale with the lowest number indicating little popularity or demand, increasing (apparently to a fever pitch!) as the numbers ascend the scale. This writer feels that such numerical scales not only hold little validity due to the rapid changes possible in gun collecting, but that they unfairly influence the collecting of a particular item and thus have been found quite impractical.
Demand varies geographically, and because of this, prices in many instances can be said to be regional. An excellent illustration of this point is American Colonial weapons. For the most part these are in low demand (if not unappreciated) in the mid- and far West; consequently Colonial weapons prices realized in those parts of the country are usually under those that can be realized in the East. Sales are also more difficult on a regional basis, with the best potential in the East, particularly where the arms were originally used. Further illustrative of our point are firearms used in the expansion of the American Western frontier, recognized as fine collectors’ items and in demand throughout the United States. They are, though, in greater demand and achieve higher prices in those parts of the country where they actually were used—the West. Still another example is the identity of the maker or manufacturer. Colt and Winchester are in the highest degree of demand, while others whose products are equally fine and generally made in much smaller quantities are often found with considerably less devotees and consequently demand. The numbers of collectors actively seeking specimens by specific makers directly affects the demand and consequently the price for those pieces.
A fast diminishing eccentricity of the gun collecting market was the generalization that handguns were in greater demand and brought higher prices than longarms. No other reason can be offered for this other than differences in size. Possibly the basis in popular reasoning was that handguns were more practical to collect because of their smaller size and easier portability (and storability). It was thus an anomaly that many fine and rare long guns went begging for buyers while far more common handguns of similar period and type (often by the same maker) brought far greater values merely because of their size difference and the consequent archaic stigma. Along this same line, though, and an excellent example of the erraticism of the value market which contradicts the generality of handguns vs. longarms just stated, is the observation that demand and prices have always been higher for American longarms of the 18th century (especially the Revolutionary