Winchester Repeating Arms Company. Herb Houze
few words from other collecting fields have been absorbed into gun collecting. Although the NRA standard term “factory new” is certainly the correct and most accurate description for a gun in that particular condition, it has been found in practice that the term most often used to denote “factory new” has been borrowed from the coin collecting field: “MINT.” From time to time attempts have been made to discourage its use, but “mint” is an ingrained part of gun collecting terminology. Occasionally such terms as “unissued” or “unfired” are used synonymously for “factory new” or “mint.”
CONDITION AND VALUE RANGES
Great consideration was given to the matter of range of values for use in this book. To maximize the readers’ use thereof, it was felt appropriate to employ both a “high” range as well as a “low” one which would enable immediately learning the general overall price range that a particular gun carried; a range broad enough between the two prices to place specimens in intermediary grades. These two prices and the spread between them are sufficient to judge the relative increase from one degree to another, and with a little analytical thought the reader can reasonably assess guns both below and above the listed ranges. The matter of pricing “factory new” or “mint” guns or those close to that condition has been conscientiously avoided. Such prices are subject both to distinct differences in opinion as well as rapid fluctuations. As guns in those conditions are proportionately much fewer in number and subject considerably to the whims and emotions of both buyer and seller, they are thus less logically valued than the more often encountered pieces.
A DUAL RANGE OF CONDITIONS (AND THEIR ACCOMPANYING VALUES) HAVE BEEN USED THROUGHOUT THIS GUIDE. Those dual ranges of condition reflected for almost every firearm cataloged throughout this guide, represent the average level of conditions in which each particular listed firearm is most apt to be encountered (or offered for sale or available for sale) in the collectors’ marketplace. Cognizance of those dual ranges of condition and values is essential for making best practical use of this guide. Formerly included in this section of Chapter II of earlier editions of this guide, that vital information has been expanded and highlighted in the “Introduction” to this guide, ... which the reader is urged to attentively review.
OTHER FACTORS AFFECTING VALUE
There are other features of antique guns which play an important role in determining value. The prices listed in this book are for the standard style and grade manufactured piece of the maker or the “as issued” piece of government arsenals. Without producing an unwieldy, multi-volume price guide, it is physically impossible to identify and evaluate a host of variations, modifications, deviations and decorations that often can and do appear on a great many types of antique guns—each feature of which alters value. Every weapon must be judged on its individual merits, and this entails further research and effort on the part of the reader in order to determine just how good that particular gun might be and how to properly evaluate it in monetary terms. Some of these features are so often found in certain lines, e.g., Colts, Smith & Wessons, Winchesters, etc., that the subject has been individually covered in each of those respective sections. The matter is treated here as it affects antique American arms in general.
1. Cased Sets
Complete cased outfits are a desirable variant of many types of American firearms. They are most often seen in handguns although cased longarms occasionally appear. Styles of casings and accessories vary considerably; certain types, notably Colts and Smith & Wessons, are more often observed while in some other makes cased sets are practically unknown. The fact that an item is in its original case is an immediate enhancement of value. One cannot, however, arrive at a flat percentage price increase without having details of the case itself, its condition, its appearance and its accessories. For instance, a fine gun in its original and rare case is not greatly increased in value if the case is in poor condition. The mere rarity factor of a case is not sufficient to enhance value considerably because the poor condition of the case would detract from the gun when displayed. By the same token, that gun in that same case in fine condition would be worth a great deal more. The style and color of the lining is important as is the quality and condition of the lining and the compartments. Obviously, the cases that have been refitted internally (even though the box itself is original) are worth a great deal less than if untouched. The accessories included in the case each have an individual value and must be assessed both as to originality and correct type for that particular gun with their values considered in reaching a total for the outfit. Original paper labels of the maker or dealer that sold the gun also enhance value. Care should be exercised as such labels are often reproduced.
Cased sets are eagerly sought after and because of this have attracted not a few unscrupulous operators over the years who have manufactured for the over-eager, unsuspecting collector quite a few spurious specimens. The subject is covered in greater depth with some rules-of-thumb for spotting fake cases in the textual material accompanying the Colt section of this book, and the reader is referred there for more on the subject.
2. Matched Pairs
There exists no definite guide or even good rule-of-thumb for pricing antique arms found in matched pairs. There might be quite a few theories offered, but it is strictly a matter of catch-as-catch-can or what the market will bear! Of course, the primary determining factor is what make and model of gun is concerned. Some particular types (such as dueling pistols or large flintlock holster pistols) are often found in matched pairs and considered normal that way, while at the other extreme there are those pieces which are in very low demand and if found in pairs, the buyer is apt to say, “So what!” American percussion dueling pistols normally found as a pair would be so priced and when only a single such specimen is found it would have to be priced less than half of what the two would bring. Conversely, when a gun that is normally seen only as a single is found matched with another, the price would most likely be the value of each gun totalled plus an extra percentage for the rare situation of being found as a matched pair. The percentage is subject to wide fluctuations and no definite guidelines suggest how to determine a figure. A few observations, though, should be borne in mind:
(a) To be a matched pair, the guns must be truly that— matched, both in model, markings, finishes, grips and most important, condition. Serial numbers do not necessarily have to be in sequence or matched, but their closeness is a great asset.
(b) Merely finding two specimens of the same gun and keeping them together does not constitute a matched pair nor excite much collector interest. The pair should have features which demonstrate they have been kept together over the years. Of course, a double casing helps!
(c) Matching guns to one another more often prevails in Colts and Smith & Wessons or other pieces having exterior and easily visible serial numbers; if a gun necessitates stripping to locate the number, there is little reason to attempt finding a mate. A difference of 50 serial numbers has traditionally been considered the maximum spread acceptable in a matched pair, but that is by no means all-inclusive. There is no valid basis for this other than a general acceptance by a number of collectors. A larger serial number spread is accepted though, only when the pieces are otherwise virtually identical. In all cases this matching of pistols or revolvers into pairs will have little effect on some buyers, and that value must necessarily be enhanced is no foregone conclusion.
(d) A serial number sequence, i.e., one number following exactly after the other, is definitely considered a matched pair and in all cases increases the value of collectors’ firearms. But, again, other factors must be weighed in determining value; the key will be condition. Not only must that match from gun to gun, but to be of any measurable value, condition should be rated fine or better.
3. Engraved Guns
Engraving or similar embellishments are found on guns of many American makers; some with a much greater degree of frequency than others. The major categories in engraved American arms are Colts, Smith & Wessons, Winchesters and Marlins. As a generality, it may be said that all antique arms which bear engraving or other fancy embellishments contemporary with the period of manufacture, other than as a standard feature, are considerably more valuable than