By Dave Anderson

“This gun is like money in the bank! We can always sell it for more than I paid!” Yeah, I’ve said it. Sometimes it’s even true. But let’s be realistic. Most guns are not investments in the sense a good stock portfolio, a productive item of equipment or a savings bond might be. Most new guns lose value as soon as they become used guns, and will never have any collector value.

On the other hand, firearms retain utility and value considerably better than most consumer items. Digital cameras and computers quickly become obsolescent; vehicles wear out; even hard assets like precious metals and houses see drastic swings in value. Given reasonable care most firearms will last a lifetime, even several lifetimes and be as useful as ever.

S.P. Fjestad’s Blue Book of Gun Values is a valuable resource on firearm history, production numbers, years of production and estimated values. The Blue Book app allows quick reference, say at a pawnshop or gun show. What I found most fascinating was the chart of historical values.

To a collector, condition is the critical factor. In terms of investment, 100 percent new-in-box gives the best return. Personally I have no use for a gun I can’t shoot. For me the sweet spot is the 90–98 percent range. These are guns I can shoot, and provided pains are taken to maintain condition, they will keep and maybe even increase in value. Let’s take a look at some of what I’m talking about here.

S&W Kit Guns are popular as both practical shooters and as collectibles. Note the big jump in values applies primarily to those in 95 percent condition or better. As collectors like to say, guns aren’t scarce, condition is scarce. People bought these little revolvers to pack along on camping, fishing and hunting trips and they often show a lot of finish wear, even when mechanically still excellent. From left, Model of 1953 .22/.32 on the L-Frame, Model 34 J-Frame .22 LR, Model 51 J-Frame .22 Magnum.

This Browning Hi-Power with nickel finish is one of 11,609 made from 1980 to 1985 and has held its value well. The extra bit of information is an example of why the Blue Book is so valuable to gun traders: “Add 50 percent for circa 1980 Belgian model marked Made in Belgium” as this example is. Circa 1980 of course means around 1980 and the letters PZ in the serial number indicate it was made in 1981.

Here’s another example of a jump in values bringing more guns to market, and thereby stabilizing values. This 3-screw Ruger Single-Six .22 LR with extra fitted .22 Magnum cylinder hasn’t increased in value for several years now, and in fact 100 percent guns have even dropped a little. I love shooting this revolver though, and provided I take care of it I can enjoy it for years without much loss in value.

The Colt Python has always been highly regarded, but since about 2010 values have been rising dramatically. High prices bring more guns on the market, and can also bring fakes. I’d be very wary of buying a 3″ barrel version unless it came with a factory letter attesting to it being original. I see asking prices for Pythons considerably higher than what the Blue Book shows, though they may not sell for that price. The novice collector can easily get burned in this market, where seemingly minor differences in condition, different barrel lengths and different eras of production can affect value substantially. My 4″ Python is a joy to shoot, and spooky-accurate. A downside of high values is so many owners keep their Pythons locked away and never get to enjoy shooting them.

An early 1950’s 5-screw S&W Combat Masterpiece is, in my view, the best .38 Special revolver ever made. In 1957 it became the Model 15. Not sure why values took such a jump after 2012. Though later models are actually more desirable as shooters (S&W recommends only the numbered models be used with +P ammunition), collectors pay a substantial premium for pre-number examples. This example is about 95 percent condition in my opinion with a Blue Book value estimate of $800. A Model 15 3-screw in 95 percent condition is valued at $400 in the Blue Book. Personally I think this is on the low side, I’d cheerfully pay $500 to $550 for a 95 percent model 15, but I may be influenced by enthusiasm for this model.

WEB BLAST EXTRA

The Blue Book of Gun Values is a valuable resource on firearm history, production numbers, years of production and estimated values. The Blue Book app allows quick reference, say at a pawnshop or gun show. What I found most fascinating was the chart of historical values.

To a collector, condition is the critical factor. In terms of investment, 100 percent new-in-box gives the best return. Personally I have no use for a gun I can’t shoot. For me the sweet spot is the 90 – 98 percent range. These are guns I can shoot, and provided pains are taken to maintain condition, they will keep and maybe even increase in value. Let’s take a look at some of what I’m talking about here.

My favorite .22 sport pistol is the original Browning Challenger. This one was made in 1964, and was in 98+ percent condition when I bought it. It has provided several years of plinking, informal target shooting, and small game hunting and is worth around $150 more than I paid originally.

Values don’t always go up. This S&W Model of 1905-4th Change Military & Police was made in the mid-1920’s. I’m not sure why values took such a jump from 2007 to 2008. Examples with 10 percent original finish showed only a modest increase. Over 750,000 of this model were made but darn few retain a high percent of original condition. Sharp-eyed observers will have noted the adjustable rear sight and Patridge front sight indicating this is the relatively rare Target Model, with a suggested 50 percent premium over standard service models.

This High Standard Victor is a high quality pistol but values have been stable for a number of years. There aren’t as many High Standard collectors as there are of Colt, Ruger or S&W. As a practical shooter it’s bulkier and heavier than the casual plinker wants. Nonetheless it’s one of the finest target .22s ever made.

Pre-WW II Colt Officer’s Model Target (Third Issue) .22 LR. Note the jump in values around 2010 applies mainly to those with 95 percent or more original finish. As older collectors (or their estates!) start selling them off values may even go down — though as long as people can own guns at all, big names like Colt, Luger, S&W and Winchester will always be in demand.

It’s not an infallible rule, but quality guns tend to hold their value. High grade 1911’s from name-makers are often solid investments. The value increase of this GRP from Nighthawk Custom mainly results from increased production costs and therefore higher retail pricing. If bought new in 2007 for $2,200, with “use but not abuse” it would drop to the 95-98 percent condition, meaning it is still worth $2,000 or so. A basic 1911 costing $600 in 2007 would likely drop $100 or more in value over the same time period. For about the same net cost, I can have the enjoyment of shooting a top quality, full-featured 1911. That’s the argument I use, and you are free to borrow it!

I consider the S&W 41 not only one of world’s the best .22 target pistols, but one of the finest firearms ever manufactured in the US. My 41, made in 1959, loses some value because a previous owner altered the grips. On the plus side finish and mechanical condition are excellent; the integral muzzle brake and the cocked indicator pin add value. I’m not sure why values took such a jump from 2012 to 2013. Introduced in 1957, the 41 is still in production. If I didn’t already have this one I’d buy a new 41 in a heartbeat. What the heck, I may anyway.

The S&W model 57 in .41 Magnum was made with an “S” prefix serial number from 1964 to 1969, when they changed to an N prefix until the model was discontinued in 1993. Collectors today pay a substantial premium, sometimes double or more, for the earlier models. This example was made in 1964 and naturally has the “S” prefix. The “Coke bottle” grips have substantial collector value all by themselves. Information details like these examples, well known among collectors but less so with average gun owners, help make the Blue Book such a valuable resource.

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