What is the Value of a S&W 1046?

[Jetpilot007]

I am absolutely enamored by the elusive Smith & Wesson 1046. Smith & Wesson only produced 151 of these firearms.

Any ideas as to their value? Finding one is like finding a needle in a haystack.

For those who do own one, how did you come across the firearm?

Your thoughts and ideas are appreciated.

 

[KurtC]

Internet prices have run from under $2k for a used one to over $3k for NIB during the last 2 years. However, they also turn up in small shops and gun shows for more reasonable prices.

 

[novalty]

It must be a needle, as it is another of the confusing 3rd Gen line-up that I hadn't heard of, but expected to have existed--based on the other series. Wonder how S&W decided which in the series to make and not make, and why some were more widely produced than others.

Just like how many licks to the center of a Tootsie Pop....the world may never know.

 

[Jetpilot007]

Here is my goal:By the end of 2010 I will find one at a small local gun shop. At that point I will announce on this forum!

 

[Aegis]

With only 151 1046's produced this is going to make the gun go for more money. I am fortunate to have 2 of these. Both with original box. One is close to NIB.

 

[KurtC]

The story behind the 1046 is that is was a contract for a nuke plant (or similar) that was cancelled. During 1990-91, you could pretty much order any configuration you wanted. It was called the gun-of-the-week program.

The premium prices for the 1046 were when the economy was considerably better. I haven't seen one change hands in the past year, so it is hard to say what one would be worth today.

 

[davek610]

A guy over on the 10mm board picked up one recently (no box/papers, much less than perfect condition) for $900 from Gunbroker with a buy it now.

The S&W 10mm auto prices are all over the place, bargains can be had - don't let them go by.

 

[snowcat]

The highest I have seen was $3,360, on GB. I own three of them, paid from &700.00 to $1500.00.

 

[nwjones]

I was actually the guy that got the one on gunbroker. I just came across this and decided to reply. The gun actually turned out to be in really nice condition, but no box or papers. They guy I bought it from said he worked for the FBI, so I thought that was interesting. I was just happy to find one and that completed my set of smith 10mm autos. It shoots great, but I am no fan of the DAO. I prefer the decocker on the 1026 and 1076.

 

[davek610]

I was actually the guy that got the one on gunbroker. I just came across this and decided to reply. The gun actually turned out to be in really nice condition, but no box or papers. They guy I bought it from said he worked for the FBI, so I thought that was interesting. I was just happy to find one and that completed my set of smith 10mm autos. It shoots great, but I am no fan of the DAO. I prefer the decocker on the 1026 and 1076.

Oh? Would you like to trade your 1046 for a nice 1026 w/box?

 

[nwjones]

I appreciate the offer, but I already have a nice 1026 and am definitely keeping the 1046! I may never see another.. No box or papers with my 1026, but it does have the 'can be fired with magazine removed' warning on it.

 

[DennisJettonJr]

About how I acquired my model 1046...

I had fired a friend's Glock10mm, and decided I liked it. So I went to a local small sporting goods store in Murray, KY to see what they had. They didn't have ANY 10mm handguns, but a gentleman who was a friend of they owner, quietly walked out to his pick-up truck, and returned with a S&W model 1046, and asked me would I be interested in IT? I looked it over, and the pistol was in absolutely MINT condition, but had no box/paperwork. I took a few photos of it, serial number, etc. I told him to let me do a little research on it, and I would get back to him. I walked out to MY truck but, returned within minutes and asked him how much did he want for it? He told me he would take $400... I didn't research it, but figured at $400, I couldn't go wrong... So, I purchased the gun, along with ONE magazine... Upon getting home, I immediately got online, and started researching. I was surprised when it said there were ONLY 151 of the model 1046s produced... I noticed that the serial # began with the letters TVA... Being that one of my great uncles was a retired officer of TVA (Tennessee Valley Authority) , and I contacted him to see if he could shed any light on this matter... He told me that TVA had contracted S&W to design a firearm back in the late 1980s for TVA, and S&W designed and began producing a model 1046 (which was the ONLY model of the 10 series to have the DAO instead of the decocker)... After S&W produced and delivered the first 100 firearms to TVA, they began producing the next Lot of 1046s, but the Authority decided it was way too much gun for what they needed, and told S&W to halt production on these guns... Uncle Charlie said that S&W had already produced an additional 51 guns, bringing the totalk produced to 151 firearms... Supposedly as far as he knew the original 100 were shipped back to S&W, and ALL 151 firearms supposedly sat in a warehouse somewhere until 1998, where S&W held an auction, the those firearms were sold along with other items in the auction... Now, as I understand it, ONLY the first 100 model 1046s produced, carry the Serial# TVA at the beginning of the number, because they were the original 100 weapons shipped to TVA... The last 51 firearms (that were produced in the second Lot then halted), bear a different Serial# from the original 100 delivered in the first Lot... So, as I unDer stand it, the firearms that bear the TVA in the serial number are the more sought after, and worth quite a bit more money... I acquired my model 1046 in MINT/brand new condition, for $400, and since all this new information was brought to my attention shortly after I purchased it, I had the gun appraised at 4 different gunsmith's (one being a very prominent, dealer & gunsmith in Las Vegas), and I received 4 different values... the first told me retail was around $4500, and insure it's value at $6500... The second told me $5000 retail, and insure for $6500... The third was the guy in Las Vegas, he told me he didn't want to low ball me so he wouldn't make an offer, but I pestered him until he did... He told me all he could pay would be $6500, but advised me to decline his offer and KEEP my gun and NOT sell it... He said in its current condition without the box, it could retail as high as $8500, and he would value it at $10,000 for insurance purposes... He said if it were his gun, he would do one of two things... Hang onto it forever as a collector, or research nationwide collectible firearms auctions, and it could fetch as much as $12,000-$13,000 (keeping in mind I would have to pay the auction as much as 20-30% sellers fee to the auction)... So after all I have researched and learned about my model 1046, I am certain that I will just keep it... The only thing it can do is go UP in value $$$... I also learned one more thing about 3 months after the purchase of my 1046, the gentleman that I bought it from turned out to be a distant cousin from the other side of the family that I had never met in my 44 years... Part of me felt guilty, but he told me not to... He said I didn't rob him, and HE set the price before either of us researched the story behind the production of that particular gun...

 

[BUFF]

Good information. Just one small addition/correction: The Model 1086 was also DAO.

 

[Sevens]

That is indeed a terrific story on your 1046 and I have no reason whatsoever to think anything that you said isn't 100% true to the best of your knowledge.

However...
I simply cannot agree with a gun appraiser on an estimated "value" of a modern (not an established classic, antique) handgun of this nature without specific data points and examples.

We're talking about a rare pistol that is only specifically valuable because it was a rare variation of a short-lived model.

The market sets the value and it would take real-world data to paint that picture. What those four appraisers did was perhaps the best they could do... which was to guess. But some of those guesses are other-worldly.

While I could see a 1046 trading hands in the $4,000 or thereabouts area, given it's rarity, I would need to see hard data to believe any argument that it's value would be ever higher and the quote north of $10,000 simply seems like the wild dream of a seller hoping for a jackpot.

And further (and please understand that I do NOT intend to denigrate your cool pistol!), I don't see any chance of realizing it's full value (whatever that may be) without the original box and accoutrements.

The Smith & Wesson 10mm series pistols, all six models and produced to the mintage of some 50,000 total handguns are some of the neatest production semi-autos to be shipped from S&W and for sure, they have a "value" that is above most full production modern S&W pistols. But some of the numbers tossed out sound simply ludicrous and not based on any tangible transactions.

With that said! I am absolutely sure there are some folks who are very much in to the mystique of the shortest-printed of all the 10mm series pistols and I would love it if they could cite some real-world bona-fide selling prices of the S&W 1046.

 

[snowcat]

Interesting ! All 4of my 1046's are TVA 66XX's, with 2 being consecutive #'s.

 

[S. Kelly]

I stupidly passed on a $400 S&W 1086. Bad move on my part.

 

[Dparker]

Wow!!!! $400...just WOW!!! I have been on the hunt for the elusive 1046 for a couple of years. I found 2 individuals that MiGHT consider parting with theirs....both were in the $3,000 range.....needless to say & sadly...I still do not have a 1046

Congrats on a great find!!!!!

Cheers!!!
David

 

[gcw16]

Interesting ! All 4of my 1046's are TVA 66XX's, with 2 being consecutive #'s.

You have 4 1046's? I don't know whether to call you a hoarder or a *******! In good fun of course!

 

[SAFireman]

I had fired a friend's Glock10mm, and decided I liked it. So I went to a local small sporting goods store in Murray, KY to see what they had. They didn't have ANY 10mm handguns, but a gentleman who was a friend of they owner, quietly walked out to his pick-up truck, and returned with a S&W model 1046, and asked me would I be interested in IT? I looked it over, and the pistol was in absolutely MINT condition, but had no box/paperwork. I took a few photos of it, serial number, etc. I told him to let me do a little research on it, and I would get back to him. I walked out to MY truck but, returned within minutes and asked him how much did he want for it? He told me he would take $400... I didn't research it, but figured at $400, I couldn't go wrong... So, I purchased the gun, along with ONE magazine... Upon getting home, I immediately got online, and started researching. I was surprised when it said there were ONLY 151 of the model 1046s produced... I noticed that the serial # began with the letters TVA... Being that one of my great uncles was a retired officer of TVA (Tennessee Valley Authority) , and I contacted him to see if he could shed any light on this matter... He told me that TVA had contracted S&W to design a firearm back in the late 1980s for TVA, and S&W designed and began producing a model 1046 (which was the ONLY model of the 10 series to have the DAO instead of the decocker)... After S&W produced and delivered the first 100 firearms to TVA, they began producing the next Lot of 1046s, but the Authority decided it was way too much gun for what they needed, and told S&W to halt production on these guns... Uncle Charlie said that S&W had already produced an additional 51 guns, bringing the totalk produced to 151 firearms... Supposedly as far as he knew the original 100 were shipped back to S&W, and ALL 151 firearms supposedly sat in a warehouse somewhere until 1998, where S&W held an auction, the those firearms were sold along with other items in the auction... Now, as I understand it, ONLY the first 100 model 1046s produced, carry the Serial# TVA at the beginning of the number, because they were the original 100 weapons shipped to TVA... The last 51 firearms (that were produced in the second Lot then halted), bear a different Serial# from the original 100 delivered in the first Lot... So, as I unDer stand it, the firearms that bear the TVA in the serial number are the more sought after, and worth quite a bit more money... I acquired my model 1046 in MINT/brand new condition, for $400, and since all this new information was brought to my attention shortly after I purchased it, I had the gun appraised at 4 different gunsmith's (one being a very prominent, dealer & gunsmith in Las Vegas), and I received 4 different values... the first told me retail was around $4500, and insure it's value at $6500... The second told me $5000 retail, and insure for $6500... The third was the guy in Las Vegas, he told me he didn't want to low ball me so he wouldn't make an offer, but I pestered him until he did... He told me all he could pay would be $6500, but advised me to decline his offer and KEEP my gun and NOT sell it... He said in its current condition without the box, it could retail as high as $8500, and he would value it at $10,000 for insurance purposes... He said if it were his gun, he would do one of two things... Hang onto it forever as a collector, or research nationwide collectible firearms auctions, and it could fetch as much as $12,000-$13,000 (keeping in mind I would have to pay the auction as much as 20-30% sellers fee to the auction)... So after all I have researched and learned about my model 1046, I am certain that I will just keep it... The only thing it can do is go UP in value $$$... I also learned one more thing about 3 months after the purchase of my 1046, the gentleman that I bought it from turned out to be a distant cousin from the other side of the family that I had never met in my 44 years... Part of me felt guilty, but he told me not to... He said I didn't rob him, and HE set the price before either of us researched the story behind the production of that particular gun...

I seriously doubt the 12-13,000 number is even realistic in today's market.

It is a fascinating story, but other than entertainment value.....

And don't take this the wrong way, but please learn to use paragraphs, they make it easier for us old farts to read

 

[Sevens]

Haha, your point to use paragraphs is a fantastic suggestion, I truly mean that. And ANOTHER way to be friendly to this forum is to -NOT- do exactly what you just did... to quote an irrationally long post simply to add a few thoughts in response.

No need whatsoever to completely quote the entire original post. Other (very successful) gun forums on the 'net have completely removed the easy one-button quote with reply feature to specifically prevent exactly what you just did.

Please take that in the spirit it was intended.