At what point does scarcity override condition ?

[Chukar60]

I am no expert, but like many others here, I would have bought that gun at that price. Congratulations on your buy.

 

[bruce5781]

Thank you. I really didn't have much hope of finding an affordable ( to me ) 4" to add to my fledgling Target collection at this point.

 

[bruce5781]

I feel there is more to value than condition and rarity. Demand is not always driven by something being rare. Just because something is rare, it does not automatically mean it has high value. Condition is also an inexact science when it comes to equating it to value. A pristine 32 Safety is maybe worth $350, while a pristine 38 M&P is worth $1000 today.

One thing this revolver has going against it is that it is a 38 M&P S&W. What I mean is that there were millions of this revolver made and therefore so many more 38 target guns are out there today than compared to let's say a 32-20 Target revolver. 38 M&P targets are not really not rare at all. I have some references that suggest a 4" 38 M&P could have been 2% of total production. 2% of a million pre-war revolvers still results in 20,000 targets probably made.

The 32-20, on the other hand would yield only 3000 4" targets made. Even with that small number they are not rare, and the value is still relatively low today. I only have a couple of what I would call rare revolvers. There may be only a few hundred short barrel Model 1 1/2 tip-ups made, but a worn example is worth only a few hundred dollars.

I remember the term "emotive" value from my working days and think it applies well to gun collecting. It is basically an undefinable basis for demand that can drive prices up for certain guns with certain attributes that have nothing to do with rarity or condition.

Your revolver should have been made between 1905 and 1908. The square butt revolver was the basis for the 1905 nomenclature and the "US SERVICE CTG " barrel stamping should have ceased by 1908. With the serial number you provide, 1908 would be likely very close to a ship date. I agree with David on what price I would pay for a target M&P with no finish and might actually limit myself to a number below $450.

Funny you should mention that. I was looking for a 32-20 Target when I ran across this one.

 

[glowe]

Funny you should mention that. I was looking for a 32-20 Target when I ran across this one.

They are out there and if you are patient, a decent one will show up at a good price. I found a 1910 - 5" 32 Winchester last year for $550 and was very happy with the gun's condition when it arrived, showing no abuse, little wear, some plum, gold bead, and nice circassian walnut stocks. As I can gather, it is probably made in similar quantities as the 4" barreled targets, maybe 5% of total production.

 

[bruce5781]

Wow ! Just, Wow !

 

[oger]

I am more of a pre64 Winchester 70 collector than a S&W one but it is the same idea. Last year I picked up #11 it is to say the least used but it is original and as it came from Winchester so the condition is secondary.

 

[bruce5781]

After all the striking targets that have shown up in the last couple of days, I'm almost embarrassed to show the additional photos of my little target. But I have it in hand and I love it. Mechanical condition is excellent and I hope to shoot it this afternoon.

 

[bruce5781]

Numbers match.

Except the stocks. If anyone has No. 139310, give me a shout and I'll hook you up.

 

[bruce5781]

Rear sight blade fits the ivory bead perfectly.

 

[steelslaver]

I wouldn't be embarrassed one bit. I would be proud to own an interesting piece of American firearms history and the patina on your gun just show that it lead a working guns life. No signs of real abuse, rust pits or ding marks, but obviously has some mileage.

Looks great for being around 100 years old and a working gun. Plus you got it at a decent price. You couldn't buy a modern equivalent model 15 for the same price unless it was missing just as much blue and it wouldn't be anywhere near as interesting or shoot any better.

 

[BAM-BAM]

Add a full flap holster...... and you're ready for a Father's Day Adventure.....


Great find at a good price.....................

 

[bruce5781]

Add a full flap holster...... and you're ready for a Father's Day Adventure.....


Great find at a good price.....................

You mean like this one ?

Sent from my SM-S975L using Tapatalk

 

[Kansasgunner]

You have a very nice gun and a cool holster!
What's not to like.

 

[bruce5781]

No, don't get me wrong. I love it, and will probably never get rid of it. It's just that I'm also in awe of these other targets that have been recently posted.

Just to clarify, my earlier comment when posting photos was simply a compliment to the other fine Targets which have graced the Forum in the past few days. I am proud to add this to my fledgling Target collection and quite frankly, would envy anyone else who had it.

Thanks,
Bruce

 

[two-bit cowboy]

Fire up the grill.

Congrats on a great find.

 

[Toyman]

I bought this 2nd model H.E. at the Columbus, Ohio S&W meeting. I was aware of blemish on the side plate and I discussed it with the seller. We agreed on a price many might think is high for condition but the gun is in 44/40 caliber and not many to be found.

 

[bruce5781]

I bought this 2nd model H.E. at the Columbus, Ohio S&W meeting. I was aware of blemish on the side plate and I discussed it with the seller. We agreed on a price many might think is high for condition but the gun is in 44/40 caliber and not many to be found.

Rare (scarce) find, congratulations.

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[bmg60]

Hi
I have the twin to your gun. Mine was shipped to a foreman at the factory.
A little more blue but the same sights.Grips are numbered to the gun.
The 4 inch guns with target sights are not seen very offten.
The serial number on mine is 113217.
Jim Fisher

 

[BAM-BAM]

You mean like this one ?

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SWEEEEeeeeeeeet......................

LOL

That would be the one..... ......

Were you looking for a gun to fill that holster?????

 

[The Gila Bender]

An example of scarcity over condition, a .44 HE 1st Model, shipped November 1916, original finish, matching numbers, unbuggered screws.
TL's are not especially scarce but, except for the easily replaced 1920's era stocks, the originality makes it scarce in my estimation.
Note the excellent internal condition after a _little_ cleanup.