Is there one best way to buy a collectible gun, a way that is better than others?
Ed: No, but if you are an up and coming collector, you need to find somebody that you can trust and then buy through him for a while and let him help you work your way up the ladder. That way, when you are ready to get out there on your own, you won’t get stuck. There are bad guns out there, fakes, guns that have been put together from parts or with new parts or whatnot. So you do have to be careful.
RS: It sounds a lot like stamp collecting, just involving a little more money.
Ed: Yes, I’d say so. Sometimes you reach out there and think you’re getting a real good deal and then discover that it wasn’t a good deal at all. And you need to be careful of that. I guess that one sour experience can make you cautious, but most of the time the collectors in this field are pretty honest guys who got into it because they love it and making money on it comes round about the fun they have.
RS: Ed, thank you very much for sharing all this with us and I look forward to meeting you at a Colt Collector’s Association gathering one of these years.
INTERVIEW NOTES
1. The Colt-Burgess Lever Action Rifle was brought to Colt by gun designer Andrew Burgess and was produced from 1883 to 1885. It was Colt’s only attempt to compete with Winchester for the lever action rifle market. It is said that when Winchester started to produce revolving handguns for prospective marketing, Colt dropped the Burgess from its line. The rifle is chambered for .44-40 and has a 25.5 inch barrel with a 15-shot tubular magazine. The Carbine version has a 20.5 inch barrel and a 12 shot magazine. The finish is blued, with a case colored hammer and lever while the stock is walnut with an oil finish. The Colt Hartford address is on the barrel, and “Burgess Patents” is stamped on the bottom of the lever. A total of 3,775 rifles were manufactured: 1,219 with round barrels and 2,556 with octagonal barrels. There were also 2,593 carbines. In “Good” condition with an octagonal or a round barrel, one would expect to pay at least $3,500.
2. With Ron Graham and Kenneth Moore, John Kopec authored “A Study of the Colt Single Action Army Revolver” and printed it privately in 1976. Although it is no longer in print, copies still come available from time to time from Colt enthusiasts and this handbook has itself become collectible.
GUN RATING SYSTEMS
Accurately describing a gun’s condition is critical when one evaluates a firearm, because from that evaluation, one will estimate the gun’s value. Differences in condition can easily cut the value of a collectible gun in half, or double it. Terms used to evaluate firearms condition have specific meanings.
In the opinion of the editor, all grading systems are subjective. It is my task to offer the collector and dealer a measurement that most closely reflects a general consensus on condition. The system used here seems to come closest to describing a firearm in universal terms. I strongly recommend that the reader acquaint himself with this grading system before attempting to determine the correct price for a particular firearm’s condition. Remember, in most cases condition determines price.
NIB —NEW IN BOX
This category can sometimes be misleading. It means that the firearm is in its original factory carton with all of the appropriate papers. It also means the firearm is new; that it has not been fired and has no wear. This classification brings a substantial premium for both the collector and shooter.
EXCELLENT
Collector quality firearms in this condition are highly desirable. The firearm must be in at least 98 percent condition with respect to blue wear, stock or grip finish, and bore. The firearm must also be in 100 percent original factory condition without refinishing, repair, alterations or additions of any kind. Sights must be factory original as well. This grading classification includes both modern and antique (manufactured prior to 1898) firearms.
VERY GOOD
Firearms in this category are also sought after both by the collector and shooter. Modern firearms must be in working order and retain approximately 92 percent original metal and wood finish. It must be 100 percent factory original, but may have some small repairs, alterations, or non-factory additions. No refinishing is permitted in this category. Antique firearms must have 80 percent original finish with no repairs.
GOOD
Modern firearms in this category may not be considered to be as collectable as the previous grades, but antique firearms are considered desirable. Modern firearms must retain at least 80 percent metal and wood finish, but may display evidence of old refinishing. Small repairs, alterations, or non-factory additions are sometimes encountered in this class. Factory replacement parts are permitted. The overall working condition of the firearm must be good as well as safe. The bore may exhibit wear or some corrosion, especially in antique arms. Antique firearms may be included in this category if their metal and wood finish is at least 50 percent original factory finish.
FAIR
Firearms in this category should be in satisfactory working order and safe to shoot. The overall metal and wood finish on the modern firearm must be at least 30 percent and antique firearms must have at least some original finish or old re-finish remaining. Repairs, alterations, nonfactory additions, and recent refinishing would all place a firearm in this classification. However, the modern firearm must be in working condition, while the antique firearm may not function. In either case the firearm must be considered safe to fire if in a working state.
POOR
Neither collectors nor shooters are likely to exhibit much interest in firearms in this condition. Modern firearms are likely to retain little metal or wood finish. Pitting and rust will be seen in firearms in this category. Modern firearms may not be in working order and may not be safe to shoot. Repairs and refinishing would be necessary to restore the firearm to safe working order. Antique firearms will have no finish and will not function. In the case of modern firearms their principal value lies in spare parts. On the other hand, antique firearms in this condition may be used as “wall hangers” or as an example of an extremely rare variation or have some kind of historical significance.
PRICING SAMPLE FORMAT
THE COLT ARCHIVE LETT ER
Courtesy of Colt’s Manufacturing Company LLC:
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Whether your Colt is a treasured family heirloom or a more recent purchase, a Colt Archive Letter can provide fascinating and valuable information of historical or anecdotal importance. When it is authenticated in this exceptional fashion, the value and collectability
