This auction is over and finished. But is this revolver really worth this much? Attention Required! | Cloudflare

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USMC 69-93 Combat Pistol Inst.

Somebody just proved that it definitely is- to him if no one else.

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Regards,
Lee Jarrett

I had a chance to handle that piece in the shop. Remembered a few things that model3SW taught me. Did not think it was worth that.

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USMC 69-93 Combat Pistol Inst.

Median auction price on that model is $485.

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Alden
Guns N' Rosés

That buyer also paid over 8k on another S&W the other day, so I'm guessing he doesn't really think much of dropping that much on this gun.

I certainly don't think it's "worth that" but thats probably because one of the best parts about buying these awesome little top breaks is finding them for cheap when a seller lumps in the beautifully made S&W with it's vastly inferior competitors.

$437 hammer price (plus $30 shipping) for a poorly refinished .38 DA?

As my late grandmother used to say: "not even penpals."

Mike

Someday I'm going to understand this type of "someone's crazy" posts because a person paid x amount for y gun, but evidently not today.

What does anyone care about how someone else spends their money? Are they asking you for a loan? No, I'm not the buyer.

I'm guessing people start these threads to show, in effect, how smart they (the poster) is about money and firearms. It has the opposite affect on me. But, I'm in a mood tonight.

Was just wondering what the buyer saw that I did not.

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USMC 69-93 Combat Pistol Inst.

Time to wake up guys! It’s 2021 not 1995. Prices are going up!
It’s like pulling teeth trying to convince people of the obvious. It’s not like antiques are becoming more available? Every show I attend the numbers are smaller and smaller.
Basic business: Supply and demand? Some folks also really despise the concept of registration? I’m one of them.


Murph

It's manifestly clear some folks are inclined to impose their sense of values on others------and become upset at any sign of a disagreement. I don't think they're so much trying to show how smart they are so much as trying understand how/why anyone in their right mind would disagree with them-----or maybe just trying to pick a little fight.

The fact of the matter is there are now, always have been, and always will be "different strokes for different folks"-----and those differences shouldn't require any explanation because they're only different; not wrong.

I think the best way to cope with those differences one finds offensive/uninteresting/just plain goofy is to ignore them-----and that includes those practizing syciatrics or syciology without a license.

Ralph Tremaine

It’s not worth that to me, but I know I’ve paid above “market value” for a gun that I wanted, and it didn’t bother me in the slightest. A hundred bucks or so really doesn’t matter much in the long term.

When more than a few of us think nothing of paying triple digit premiums for a battered cardboard box it’s tough to argue that our purchases are entirely rational.

I like those break tops. It's a cartridge you can reload for. There are smokeless powders out there that would work, and cases also. Just because it was a BP cartridge doesn't mean you can't load smokeless powder. Both 45-70 and 45 Colt were originally BP cartridges from around 1873 and people have found many powders that make them useful.

As for the condition, an 85% revolver would bring more money but how often do you come across one for 400 bucks and change?

When people are paying $250 for a case pistols cartridges and $100 for a brick of primers it doesn't look that bad.

I'll never tell a person how to spend their money because I didn't earn it. My dad always said it's none of your business how someone else spends their money.

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That's just somebody talkin.

Here’s my impulse top break Smith buy. Pearl grips and all.

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I think it's more about trying to figure out how much yours is worth or thinking about how much I'd have to shell out if I wanted one of these than worrying about how foolishly someone is spending their kids college fund. At least it's that way for me.

You never know when "That" particular gun just might fill a hole is someone's collection and they bit whatever it takes for it.

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H Richard
SWCA1967 SWHF244

Modified: can you please send me that buyers contact info, if he is that easy to please, he would really like some of mine. [humor]

It’s the same gun it always was.

OTOH, those green pieces of paper seem to fluctuate in value... maybe that’s where “worth” should be a considered.

Is a pound of bacon 'worth' $8.00 / lb?
There are those of us who complain about prices but pony up when we want something. 'Worth' is an elusive issue with different defining points under different circumstances.

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NRA Endowment Member

. . . but not for a re-nickeled Earl Scheib plating job!! Some people simply ask about prices paid because they do not know the answer. They want opinions as to what something is worth, but do not know themselves. How else can you learn, but to ask? If someone wants to demean the OP, do it with a PM, but don't show your distain in front of the whole Forum!

In reference to the OPs question, the gun has been poorly re-plated, chipped and worn hard rubber stocks, plated hammer, trigger, guard, and who knows what else is wrong with the gun. There were over a half-million of the 38 DA made and many are around in great condition. Apparently, two people wanted to buy that gun, and the only thing to know is that they know little about what they are bidding on. My guess is that you can find many of this model for sale for less money out there. In my opinion, if a Forum member put that gun here for $250, it would sit for a very long time.

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Gary
SWCA 2515

You make an excellent point; thanks for sharing that.

I am as flawed as any human, and when I see something sell for much more than I think it should I will often jump to the conclusion that the buyer isn’t as smart as I am. Other times I will assume that they paid up to fill a specific hole in their collection; since I have done the same, I conclude that the seller might be smart like me.

Rarely do I assume the buyer is *smarter* than I am and knows something I don’t. By not asking about it I remain ignorant.

I will say there was a relatively early Model 60 (w/ box and accoutrements) that sold within the past 24 hours for what I believed to be a ludicrous price. Perhaps I should have asked; I might have learned something.

It also has a 4” barrel. Those are pretty scarce on the 2nd model. Typical barrel length is 3 1/4”. Prices in your town do not represent prices on the rest of the planet! You might be able to get a house for $100 grand in your county. In some parts of the country you couldn’t buy a lot with a shed on it for that price.
The same is applicable to firearms. Both modern and antique. Look at what collectors are paying in Canada? For junky Brown Guns? Gunbroker Has a worldwide clientele.


Murph

Interesting comments here. We all know that beauty is in the eye of the beholder. I think perceived value is also in the eye of the beholder. The beauty of this piece is not good, too bad about the refinish job, but it still doesn't look too bad. I wouldn't be ashamed to show it to a friend, as long as he was not as discerning as GLOWE (most are not). If he was an interested layman we could talk about the 38 S&W, IMO the first effective pocket pistol cartridge. If we were lucky we could go to a range and fire the gun with ammo still made by Remington and others. That is as lightly loaded as any ammo for the old chamberings and I would not be afraid to fire it in any S&W from the Baby Russian to the 1891. I don't recommend that anyone do it. You could also load some black powder rounds for additional fun and education (or safety). If the gun is in good mechanical condition (which you would determine before firing) you will discover the quality of construction. The break open, auto-ejecting action is the cleverest, most convenient revolver action and the S&W is known for its quality. Don't agree, no problem.

So there are lots of reasons to be interested in the TB 38s and maybe pay a little more for one you want. I paid a bunch more for a No. 3 44 Sp which works about the same as the 38. My 44 is shootable, but I don't shoot it, Why? I might break all that money. And the 38s are just as useful for sharing with friends in the living room or at the range.

Wonder why the seller stipulated "FFL Required"?

I'm still waiting for Gunbroker sellers to learn that the abbreviation for barrel is Bbl, NOT Brl.

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What would Jim Cirillo do?

While news events or pending legislation might cause a sudden spike in gun or ammunition prices, the overall trend is indeed for prices to rise. When something isn't being made anymore, and people still want it, the price is bound to go up.

I don't have a single firearm that I bought more than 5 years ago that isn't worth substantially more than I paid for it. And in five years, ten years, they'll be worth still more. Is there a ceiling on prices? Maybe, but we haven't seen it yet.

Years ago, at a time when most Victory models, even really good ones, were selling for $300 or less, I bought this one, in unfired condition, for twice that. I will never sell it, but today I imagine its value is several times what I paid for it...

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Well, not everything has escalated substantially over the last 5 or 10 years. Here is a Colt 1878 revolver that sold eight years ago for $11500 and hammered earlier this week at $3300 (both include buyer’s premium. A substantial negative return on investment. Both auction results are posted as follows. The obvious explanation is because it’s a Colt!

Colt 1878 Revolver 476 Eley | Rock Island Auction

Rare .476 Caliber Colt Model 1878 Revolver with Dual Hartford & London Addresses | Cowan's Auction House: The Midwest's Most Trusted Auction House / Antiques / Fine Art / Art Appraisals

I think First Generation Single Action Army revolvers have finally begun to rebound, but the Colt 1878 was hit particularly hard and has yet to recover.

What I know about those old collectable revolvers would fill a thimble, but it seems to me that the price eight years ago was way too high, and the price this past week was a bit low. I wonder why the owner sold it?

Well, interestingly, that’s what I thought as well. There were multiple Colt 1878 revolvers which sold at the RIA, most or all hammered high in Sept 2013; most or all were in Cowan’s last week and most or all of these very same revolvers hammered much lower. If the same owner of all, he or she took a real beating.

And yes, I thought that the prices this past week were low at Cowan’s and so my high bid of $2750 ($3300 including commission) did indeed “take home the bacon”.

Jim Supica gave a prensentation at the S&WCA symposium in Tulsa in September about tracking data to determine fair market prices. He made a deep dive into model 3 sales over the last 30 years. Across all grades the increase came out to slightly less than 2% per year. On pace with long term price inflation.

I agree.

It depends on how much you like dry cured or smoked bacon. The bacon I buy is about $7/lb. A pound will last us a month so not going to cut into the mortgage payment or the utilities.

It isn't like buying a brick of primers at a gun show.

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That's just somebody talkin.

Ouch!

Most hobbies provide a terrible return on investment but I would have guessed that the NM No 3 would have done a little better. But, then again, until recently, antique Smith & Wesson revolvers lost a third of their value over several years, approximately, so several years of negative returns may have depressed this figure.

Using the “Rule of 72”, NM No 3 revolvers double in value every 36 years.

This article suggests that stocks over the last 30 years have averaged a return of 10.72% annually. (8.29% when accounting for inflation). Using the “Rule of 72, stocks double, on average, every 6.7 years.

What Is the Average Stock Market Return? | SoFi

So, if it takes 36 years for a NM No 3 to double, one purchased for $1500 in 1985 should be worth about $3000 today. Conversely, had you invested $1500 in the stock market in 1991, it would have doubled every 6.7 years, on average, and 26.8 years later, or circa 2018, that $1500 would be worth about $24,000, having doubled to $3000 around 1998, again doubled to $6000 around 2005and doubled again about 2012, and doubled again to $24,000 three years ago. Add another three years since then, and that money is tenfold greater, approximately, investing in stocks over 30 y are vs NM No 3 revolvers.

I think my math is nearly correct.

Now that’s rather sobering/depressing.

But it’s just so much more fun buying guns than stocks, now isn’t it?

I'm averaging about 7% on my market investments. I don't buy firearms for investments but if anyone thinks it's a good bet it's your money. I usually consider myself lucky is I can recover the initial cost when I sell. Recreational endeavors have to be worth something more in the general scheme of things. A vacation in Hawaii won't give you any monetary return on the cost either but it's still worth it.

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That's just somebody talkin.

The only difference between an ‘antique’ and a ‘piece of junque’ is the amount of money a ‘collector’ is willing to pay.

In France for a 38DA(s&w) in this condition price from 1500 to 1800 €

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Daniel
SWCA#2471

Yeah, nice gun, but where did you get the hat?
Very cool.

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A Future and A Hope.

How do I go about selling a few of mine in France???

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Robert
SWCA #2906, SWHF #760

The purchase is free in France (antiquity) but it will be necessary to add about 600 € of taxes! but a Vitory with FFL required will only cost 400 € here

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Daniel
SWCA#2471

I use to go to a gun auction every month. Not really big, usually about 500 guns and a truck load of related items. I quit going when they went on line.
They had a bank of computer girls taking bids. I realize prices have went up but current crop of buyers are not the same breed. I bought a lot of guns at auction. When I bought an item I was the one who assigned its maximum value with my bid. This is called the top bid. This has morphed into Winning Bid in auction circles. The promoters of auctions have taken it a step further and now we have people that say they “Won” an item at an auction. I guess it makes them feel better, the idea of winning helps them justify overpaying for an item. What a person does with their money is their business, doesn’t make them any less a fool.

You do not want to be around when Pokernight and Johnnybananas go at each other! It gets ugly fast.


Then as usual, Gannoncarrick settles the fight.

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When words fail, music speaks.

Antique revolvers seem difficult to price. Some years back my "garage sale guy" came across a "1st model safety hammerless" priced at $50. He called me and I said "Buy it and I'll give you $75." I always bought his stuff at a premium, otherwise the calls would have stopped. I happen to have 4 rds of .32 S&W in my "mix dump truck box", and after trying, found it had a broken firing pin. Took it to the next gun show and found a guy, that even with full disclosure of the broken firing pin, offered $150. I was happy, he was happy. I don't know I would go $400+ for that gun. Then again, I'm not a collector and I certainly wouldn't shoot that one. Joe

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Wisdom chases me; I'm faster

The hat came from a neat shop in Boone, NC. Bought it on one of our trips there, thinking it was when my son went to an adventure camp there for 2 weeks when he was in high school, he’s 43 now. We live on the NC coast. He wound up going to and graduating from Appalachian State University. The hat is a Stetson fedora, I used to know it’s name but don’t anymore. Indiana Jones was the big thing then. I also have a bullwhip and a gas mask bag when I do my Indy impression at my cas club’s shoots. It’s also well traveled as it went to Ireland in 2005.

Some sellers are concerned about directly selling to a prohibited individual and will only ship to a local FFL.

Shipping to a local FFL has them take on some responsibility for buyer identification and qualification.

In the detailed description he says that it is an antique and no FFL is required


The FFL requirement in the header of the ad probably populates automatically.

Robert

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Robert
SWCA #2906, SWHF #760