Schofield Insurance value

[leswad]

Trying to get an insurance value for revolver. Here is the old auction discription: First Model Schofield Revolver, Early production, U.S. Army S&W Schofield Revolver. The revolver has a high polish blue finish, casehardened cylinder latch, hammer, trigger guard and trigger and oil-finished walnut grips. The serial number, "1678" is located on the bottom of the grip strap and the rear of the cylinder face. The left side of the 7-inch barrel is marked with the S&W address and early 1865-1871 patent dates in two lines on the ejector housing. The right side of the ejector housing is marked: "+SCHOFIELD'S PAT. APR. 22D 1873+". "U.S." is marked on the front of the grip strap. Ordnance sub-inspector "L" and "P" markings are stamped on the flat below the ejector housing. A "L" is stamped next to the serial number on the cylinder face. A faint rectangular script cartouche reading "SBL" is visible on the left grip.

I sent it to David R. Chicoine for repairs after purchase and his opinion was as follows: Overall, this is a very nice 1st Model Schofield with all matching serial numbers on the major parts and the grips. The gun has been reblued outside the factory but the good news is that the work was done with almost no prep; so the lines, edges and lettering are still good.

 

[gmborkovic]

Hello Mr. leswad, when did you buy and what was OTD? Was it Julia or Bourne?

 

[opoefc]

The market for older S&W. like this Schofield has gone south in the last couple of years by probably 40%, in my opinion, except for pristine condition examples, plus you have lost the serious collector value for this gun due to it's refinishing. However, for insurance purposes, I would estimate it's value at $4500 to $5500 range. If you discuss this with your insurance agent, ask him, or her, to schedule the coverage under a "Fine Arts" floater, not a Sporting goods floater ( on your Homeowner's Policy ) The Fine arts coverage is better and usually 1/2 the premium of Sporting goods, where guns are often covered, however you are insuring a collectable item ( a lower risk ) , not a gun used for sporting purposes. Ed.

 

[leswad]

If my notes are correct, I believe I have $4650 in it. Purchased from RIA, maybe 6 years ago?

Here are better pics:

 

[BUFF]

Nice one. I have S/N 584, also intact but refinished, with hammer, trigger and some other parts left case-colored.

 

[Thuer]

Same poblem overhere. I do have a reblued 2e model Schofield wit a carved ivory grip. The problem is that the reblue is really nice exept there are no Schofield markings left. Only the serial number on the grip is visible.
I have no idear what it is worth now. Aldo. It is on the market again when I am dead. I do love this revolver. Back in 2005 I payed something of 3000 dollar for it.

 

[opoefc]

For years US Schofields went for pennies compared to US Colt SAAs, mostly due to the WOW effect of years of Hollywood and the "B" westerns creating a buzz among collectors for "Cowboy Colts," and overriding the fact that there were only about 8,000 US Schofields vs. many more US Colt SAA made. A few short year ago, a minty Colt might cost you $25K vs. a same condition Schofield at 1/2 that. Both have declined a bit in the current market but the disparity between price and scarcity still prevails, and a further anomaly of the market place is the low values signed commercial Schofields vs. US issued guns, when less than 1/2 percent of total production were commercial ( civilian ) guns. Overall, the Law of Supply and Demand usually works, except in this case - Low supply = low demand, etc. Ed. ( We need more S&W collectors ! )

 

[leswad]

( We need more S&W collectors ! )

Or a Clint Eastwood movie with him carrying a Schofield

 

[papicker61]

Schofield Insurance Value

Just as an interesting side note, my First Model Schofield is numbered "1676"...just 2 digits away from your gun. Its mechanically fine but most of its original finish is gone. Original grips are still real nice, carrying a faint but readable cartouche. I purchased it in 1980 from a now long gone gun shop which was located in Lebanon, PA. They just had it tagged as an "Antique S&W" and had it priced at $200 if I remember correctly. Thing that stands in my mind is that they made me register it through the state as a modern gun and I had to wait 3 days to pick it up.

 

[deadin]

Thing that stands in my mind is that they made me register it through the state as a modern gun and I had to wait 3 days to pick it up.

Same thing happened to me about 20 or so years ago with a 1st Model American (oil hole). At $400 I wasn't about to argue with the shop, I just filled out the paperwork.

 

[rct269]

AND-------------if this is to be insured as a single item, then Ed's comments regarding adding it to your Homeowners contract will suffice. If, on the other hand, this is to be insured as part of a collection, the Homeowners contract is not your best choice. While the coverage afforded by the Homeowners is essentially the same as provided by specialty markets for collectibles, the cost (on the Homeowners) will be substantially higher----like .04---as compared to .004---last time I knew anything about it.

Ralph Tremaine