Winchester Repeating Arms Company. Herb Houze
Many of these disparities are in the process of being corrected, since as demand factors change, price follows suit.
Until quite recent times an unaccountable stigma has been attached to certain groups of collecting items, e.g., percussion or cartridge ignition systems, in effect making them noticeably less in demand than flintlock pieces; carbines were formerly much more desirable than muskets; rifles were assumed to be more important than shotguns; and percussion conversions were near the bottom of the strong demand items. In every instance no basis existed for this other than a very loose “traditional” sense of collecting practiced by a much smaller collecting world in an era when guns were available in quantity and within easy access of everyone’s pocketbook. The complete reversal of the demand factor has upset most of the old cliches in collecting and shows every evidence of continuing to do so.
Overturning older practices and customs, the factor of demand continues to play the dominant role in current day pricing. One of the best case studies is the field of American flintlock martial handguns. Undoubtedly one of the “ultimate” areas for American gun collecting, these pieces have a number of attributes, among them historical association, rarity, a general handsome appearance, and a great variety of models, types and variations, allowing for a large collection. These guns have always been considered, even in the “old days,” as among the ultimate of American collectors’ items. They remain so to this day, but, in demand and price they have not shown nearly the interest nor increase evidenced by many equally and even less important types. Although demand for them has by no means diminished, a proportionate increase has not been noted in recent years. Likely this can be attributed to the fact that specimens have become so rare and hard to find that new gun collectors have not been attracted to this field nearly as often as to other specialties. Of course, martial flintlock handguns, like any other field, is subject to change, but the situation presents an interesting insight into the factor of demand.
The creation of demand has many facets. With Colts, Smith & Wessons, or Winchesters, their name and fame have preceded them. So much romance and lore surrounds many of the models of these makers. The great wealth of published material on them combined with the great quantities manufactured (consequently their greater availability) present a solid combination of attributes for collector demand. Other influencing factors are association with historical events, intriguing mechanical features, a wealth of published material about the arm (making it easy to collect and identify in all its variations), or a very reasonable or low price seemingly inconsistent with other pieces.
Reducing the entire subject to its very simplest terms: Without demand for a piece, regardless of rarity, it not only will bring a very low dollar value, but will be equally difficult to sell.
2. Rarity
The dictionary’s definition will suffice for our purposes: “...the quality or condition of being rare (not frequently found; scarce; uncommon; unusual); specifically, uncommonest, scarcity, etc.”
In gun collecting rarity may also be said to be the frequency with which a specimen is encountered. This is often, but not always, in direct relationship to the quantities in which that particular item was originally produced. In a great many cases this is simply determined; for instance, where studies in depth have been made on particular arms, and factory or government or other records have been scrutinized, the exact quantities produced of specific models have been determined. On such pieces it is quite simple to determine relative rarity of each of the various models and sub-types. With those weapons for which little or no research data exists, the degree of rarity is purely subjective and is based on either the experience of individuals who have handled those same items for a long time (and are familiar with the frequency with which they appear on the market), or, in some cases, is highly speculative and based only on traditional (and sometimes erroneous) collectors’ beliefs. The passage of time and the influx of a great many new collectors (hopefully including many diligent students and researchers) should continue the practice of continually publishing fresh data on American antique firearms. Such contributions will dispel and correct many earlier errors, allowing the present-day collector a much more accurate picture of the relative rarity of any individual piece.
Merely knowing the quantities in which a piece was manufactured is an insufficient basis for positively establishing relative rarity. Several models or variations were made in large quantities yet are still considered quite rare. Excellent examples are the various Smith & Wessons made and exported under contract for the Russian and Turkish governments with but a handful being retained in the United States—generally only a very few of the original huge quantities have filtered back into the collecting market. The Colt Berdan rifle is considerably scarcer than its quantity of production would indicate, as nearly the entire production was shipped to Czarist Russia, and surviving specimens are seldom seen. In other instances it may be found that the price of a single model gun is completely inconsistent as it changes from one degree of condition to the next. This occasionally occurs with a model manufactured in very large quantities and still readily found on the collectors’ market, yet considered very scarce, if not rare, in a condition that only approximates “very good” or “fine” (NRA terms [see below for the definitions of the NRA Condition Standards terms]). Excellent examples are the Colt Dragoons, the martially marked Colt Single Action Army Revolvers, the martially marked Smith & Wesson single action “Americans” and “Schofields,” as well as the Model 1859 and 1863 Sharps percussion cavalry carbines. All these were made in reasonably large quantities, widely issued and often heavily used with few, if any, left in the arsenal stores or in a drawer back home. Hence, surviving specimens almost invariably show very hard wear and use. In such instances the rarity factor as it affects price is very much oriented towards condition only and not quantity manufactured.
A curious and intriguing reality of rarity is the fact that a gun that was the most impractical and poorly made during its time and hence unpopular and manufactured in but small quantity may be found to be in this present day one of the rarest and sometimes most valuable of collector’s items. At the same time the well made piece in its day, which enjoyed substantial popular sale, often stands in the shadow of the former on the hobbyist market. This fact is purely an often inconsistent observation and is not by any means a major determinant in price; the demand factor still weighs heavily.
It can thus be seen that although rarity is rather simply defined, extenuating circumstances exist which strongly affect that rarity as it relates to price and is not merely tied into numbers originally produced.
3. Condition
Although last in order as a factor influencing value, condition is the most often discussed and used word in relation to price. Even though more objective in nature than the demand or rarity factors, the subject, although easily defined (“...manner or state of being,” Webster), has considerable margin for differences in opinion as to what that “state of being” actually is. Once a piece is less than “factory new” and the further that piece gets away from that condition, the greater the disparity of opinions about it. Basic human factors strongly affect opinion and often tend to color judgment; they cannot be discounted. The seller of the gun has a natural propensity to lean towards over-estimation or over-description of condition—while the buyer is diametrically opposed and unless carried away with emotion or easily susceptible to sales pitches, would normally tend to underrate condition. It is at this juncture that good natured bantering, often playing a dominant role in transactions preceding the sale of any piece, evolves into a more heated and at times ill-humored debate!
There is good reason for the redundancy in our discussion of gun condition throughout this book; the subject cannot be treated lightly or without a certain amount of repetition in order to impress the reader with its importance. As earlier discussed, a decided trend noticeable in collecting has been the growing condition-consciousness of the market. This is not to say that the very lowest grades do not enjoy any popularity, for they decidedly do, but collectors have been justly educated by a wealth of literature on the subject to strive towards getting the finest conditioned specimens and are thus in a constant state of “up-grading.” It will be found that with some models even small fluctuations in degrees of condition often increase values considerably. Each make and type of gun must be judged individually. A general rule-of-thumb is: The greater the