determining value of gun

Posted by Jay on June 19, 2012, 4:01 pm
71.35.161.98

I am looking for a good sound L C Smith gun and I am trying to get a better focus on how to determine if an asking price for a gun is fair. I understand that the greater the per centage of original factory color the higher the value. But where or how is the is the base value determined. I realize the value of an item is difficult to determine, so I am really looking for some sort of guideline, and the only place I see prices is on the internet auctions which I suspect are somewhat artificial and misleading. So if anyone can offer this newbie to the world of "Elsie's" I will be most grateful.

Re: determining value of gun

Posted by Jeff B. on June 19, 2012, 7:35 pm, in reply to "determining value of gun"
72.35.161.157

Jay, I think the answer you're after is a more objective/scientific method of valueing LC guns. Unlike other more developed collector markets (coins) there is no third party certification as to a guns condition so my experience is that accurate value placement is an art not a science. One man's 90% case colors is anothers 80% and so on. Also there are so many variables that affect value besides condition i.e. grade, gauge options. It has been a greaat challenge for me and I'm sure sometimes I paid too mmuch but if you track LCs on as many internet sites and gun shows as you can you will get it right more often than not. If you pay too much for a gun you really like don't worry about it you're not alone! Jeff Brant

Re: determining value of gun

Posted by Larry (Mac) McInroy on June 19, 2012, 10:32 pm, in reply to "Re: determining value of gun"
97.124.232.175

The Blue Book of Gun Values ($50) might be a good place to begin. It provides values based on various models as well as the value based on the percentage of condition. It also includes value adders for more desirable gauges, auto ejectors and so on. My older version has about six pages devoted to Elsies and it includes color photos used to illustrate the condition of the guns. Not everyone will agree that the book is a good source of prices as some usually think the prices a too low. But for a beginner, it might be useful. I have a very broad interest in firearms so I use it for values for Colts, Winchesters and more. Mac

Re: determining value of gun

Posted by Jay on June 20, 2012, 1:44 pm, in reply to "Re: determining value of gun"
71.35.161.98

Great advice on the blue book and my thoughts are confirmed on the art vs science of values. Not a problem though as I am enjoying meeting and discussing guns with all kinds of very interesting people, and learning (really important) something new every time I engage in the topic. As someone said about searching for a classic American gun, 'Harden your heart, but not too much'. My first classic will come along, hopefully an L C Smith that meets my desires. Thanks guys.