I discovered years ago that Winchester Commemorative Model 94s had a lot more value as shooters than they'd ever have as collectibles. At best most seem to just hold their value against inflation if you look at what they sold for when new versus what they sell for now. And…what the sell for now is a *lot* less than a new Miroku made Winchester in a similar configuration. So you not only save money but you also get the original quarter cock hammer safety (albeit a safety that isn't drop safe) that is both iconic and unlikely to ever be manufactured again, short of a future plague virus with a 100% mortality rate that only kills attorneys.
I also found that commemoratives also offer the ability to shoot less common calibers like .38-55.
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They come in four flavors:
1) The Winchester commemoratives that they pumped out in huge numbers to try to boost sales like the 1966 Canadian Centennial rifles and carbines that were produced in numbers around 100,000, the 1968 Buffalo Bill (112,000), the 1969 Golden Spike (70,000), the 1969 Teddy Roosevelt (52,000), and the 1970 Cowboy (27,000) and Lonestar (38,000). These all followed in the wake of the disastrous 1964 changes and were an effort to both make additional sales and use surplus production capacity.
2) The less massively over produced but still too many to be collectible like the Oliver F Winchester, Chief Crazy Horse, Legendary Frontiersman, Legendary Lawman, US Bicentennial, and Wells Fargo, all limited to *just* 19,999 examples. Still no where near low enough to be "collectible".
Below is a Legendary Frontiersman. Normal tarnish subdues the silver plated receiver to a nice color, the wood and engraving is excellent and it's not overly blingy if you can live with the medallion in the stock. It's the best/most affordable 38-55 rifle option out there and shoots about 2 MOA. I bought one for $1000 and then picked up a spare for with no box $800.
3) The actual "might be collectible some day" commemoratives made in numbers of 1000 or less. And quite frankly they are still ignored by vintage Winchester collectors who look at anything made after WWII as sketchy and certainly won't stoop so low as to look at anything made after 1963.
4) The numerous small production run "commemoratives" made to order for small towns as they celebrated their centennials or sesquicentennials. These are the best of the bunch shooter wise as they are XTR grade carbines where the only bling is usually gold leaf filled engraved dates and the name of the town on the barrel. It's bar the none the cheapest way to buy an XTR grade Model 94. Who cares if you've never even heard of Onida South Dakota (although I grew up there, so if you have one, I'm interested).
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There is also the Model 94 Classic, which wasn't a commemorative at all, but rather Winchester's scheme to sell a non commemorative version of the Centennial rifle, with similar engraving, very nice wood, no medallion and a gold plated loading gate. Still, they only made about 40,000 of them, less than a number of commemoratives so it is often treated as one.
I bought one for field use when I don't want to take my very good condition 1926 Winchester 94 rifle in the field.
When I bought it Makey's staff was horrified that I planned to D&T a "commemorative" for a tang sight as it would kill the collector value. I didn't tell them about my tang sight equipped LF in .38-55. I did however point out that this was a rifle they were selling to me for half what a new Miroku made Winchester in the same caliber and rifle configuration sells for. I also pointed out that while in very good to excellent condition, it wasn't pristine by any means, and Winchester made over 40,000 of them, so I wasn't real worried about collector value.
But supply chain issues being what they are I couldn't get the tang sight I wanted so I put a Williams receiver sight on it. It works fine, but it still might get a tang sight.
Here's the 1926 Model 94 rifle it's replacing in the field:
I'm a big fan of the vintage Marbles Tang Sight, much nicer than the new one, although not quite as practical adjustment wise.
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Interestingly enough a year or so later, commemorative Model 94s have almost disappeared from the shops that used to have them. Mackey's Landing used to have dozens and now has a comparative handful. Last time I was there, one their staff (a new staff person I had not met before in my decade or so of going there) commented they were almost all being bought by people looking for classic design Winchesters to shoot, rather than collect. I tried to act surprised, but I'm not.
The secret is out. Miroku Winchesters (and now even the new Ruger made Marlins) are massively overpriced and someone wanting a good shooting lever action at a decent price and or without a tang or cross bolt safety is going to be severely tempted by a commemorative Winchester, and the less blingy examples fill the bill quite well.
Here's a link to a page listing the number of Winchester lever gun commemoratives made during the Winchester commemorative orgy:
Winchester Commemoratives | Winchester Collector