Welcome to the 17th Edition of the Gun Digest Book of Modern Gun Values. In this book you will find historical data, photographs, detailed descriptions, technical information, and estimated values of virtually every handgun, rifle, and shotgun of the modern smokeless-powder era, generally defined as those manufactured or imported into the United States since 1900. More than 8,500 firearms are profiled in these pages, including many newer models that the gun companies have introduced since the last edition was published in 2011. Estimated values have been revised for more than 1,500 models or variations, most on the upside and a few downward, as the popularity and demand for certain models have changed. Economic conditions seem to have improved somewhat since the last edition went to press, which has pushed up values, especially for higher-priced collectable models.
Modern Gun Values profiles the products of all major U.S. gun manufacturers and importers and, in most cases, every model variation that appeared in the company’s catalogs. Not every prototype or projected new introduction is included, such as the occasional model that was shown at trade shows, but, for whatever reason, never went into production. Still, for their historical value, some prototypes or models with very limited runs are listed.
This book is primarily designed for the gun owner or potential buyer who wants a handy source for the estimated values and descriptions of the models likely to be seen in gun stores, at gun shows, or auction sites. Some military-issue weapons are included but, for the most part, Modern Gun Values focuses on firearms produced for the general civilian market. We also limit listings for made-to-order custom firearms, especially those produced by one- or two-man shops that turn out only a handful of guns each year. For those interested in a wider range of firearms or a more in-depth look at specific categories, we call the reader’s attention to these other Krause publications: Standard Catalog of Firearms, Flayderman’s Guide to Antique American Firearms, Standard Catalog of Military Firearms, and Gun Digest Buyer’s Guide to Tactical Rifles. The company also publishes books that focus exclusively on the firearms of a specific manufacturer, such as Standard Catalog of Colt Firearms, Standard Catalog of Browning Firearms, and similar titles covering the guns of Winchester, Smith & Wesson, and others.
Since the previous edition of this book went to press, the subject of firearms has been almost continuously in the news, and much of the media attention has had an effect on both supply and demand. During a contentious general election campaign in 2012 that lasted way too long, there were fears among many gun owners that a continuation of the Obama administration would bring about new gun legislation. Well before the election was over, many were very worried about what the future held and rushed to gun stores and shows in response to the “get ’em while you can” warnings from sellers. The results were no surprise: shortages in certain models, mostly high-capacity semi-auto rifles and pistols. Notable mass shootings in 2011 and 2012 kept guns in the headlines and brought even more calls for stronger gun controls, which again pushed up the demand for AR-15 type models. Prices at the retail level began to exceed MSRP, and manufacturers increased their production to keep up with the demand. When President Obama was re-elected, that demand increased exponentially.
In December 2012, the massacre at an elementary school in New Town, Connecticut, shocked the nation, and restrictive legislation on military-style firearms was quickly passed in several states. Gun control advocates renewed their efforts for more federal gun laws through Congress. All this occurred in spite of the fact that most experts—including those on the anti-gun side—admitted that the laws being passed would not have prevented the New Town shootings.
For several months, prices for military-style rifles went even higher, and ammunition for all types of guns began to disappear from gun store shelves. Hoarding, whether for fear of continuing shortages, or greed from speculators looking for reselling opportunities, continued into the spring of 2013. Then, by mid-summer, the tactical gun price bubble began to deflate. Production had caught up with demand, as the now more than 100 AR-type manufacturers, large and small, began to catch up with their orders. One could again buy a new AR-style rifle for the manufacturer’s suggested retail price and, in some instances, below MSRP. Ammo shortages began to end for the same reasons, though there are still limits on purchases in many areas, especially for .22 rimfire.
The initial plans for this book included expectations for higher values for new or used tactical-style rifles, especially AR-15 types, but that turned out not to be the case. Some models are more popular (and pricier) than others, but, as we go to press, the shelves of gun stores across the country have, for the most part, returned to normal. Of course, no one can predict what the future holds for the values of firearms, gold, art, or any other investment or collectible. Or stocks or real estate. But, for those of us who just happened to love the look and feel of a fine firearm, we like the fact that such a purchase might turn out to be a good investment, and, if it doesn’t, well, you just can’t have too many guns.
Modern Gun Values is divided into four major sections – Handguns, Rifles, Shotguns and Commemoratives. Within each of these sections the individual firearms entries are listed in numerical model, then alphabetical, order. (A valuable reference section is also included in the back pages of this book.)
Readers can locate a particular gun in three ways: by browsing through the sections and alphabetical manufacturers’ listings; by consulting the comprehensive “GUNDEX” index section; or by consulting the “Manufacturers’ Directory” that precedes each respective section of the book. We have attempted to improve the illustrations shown in this book wherever possible and especially in those cases in which illustrations help the reader to differentiate between similar models.
We have established a three-tiered pricing approach for each firearm based on the six NRA Modern Condition Pricing Standards: New, Perfect, Excellent, Very Good, Good and Fair. Each firearm has been evaluated to determine which three NRA standards most accurately reflect the condition in which the particular firearm is most likely to be found on the used market; the firearm is priced accordingly. For example, firearms currently on the retail market, or manufactured in the last four years, will most always be found in New or Perfect condition on the used market, while most older firearms will rarely be found in any condition exceeding Very Good. The three pricing levels we provide reflect current observations of prices seen at gun shows, in the gun shops or in the various periodicals, dealer’s catalogs or at auction sales.
There are three primary factors that are key to establishing a firearm’s value. These are demand, availability and condition.
One of the factors driving demand – and thus the value of a particular firearm – is availability. When demand exceeds availability, the price of the firearm increases. This pertains not only to collectibles but to shooting guns as well. For example, it is not unusual for a current-production firearm in limited supply to sell in the marketplace for prices considerably above the manufacturer’s suggested list price. Even some Colt and Smith & Wesson models have enjoyed such run-ups. However, realize that in this case when supply finally catches up with demand prices will dip.
Some older firearms may be in scarce supply yet are not in demand by collectors. Without demand, regardless of availability, the dollar value of the firearm will be low.
Of the three factors used to establish value, condition is perhaps the most important and certainly the factor most frequently used by shooters as well as collectors for determining the price of a firearm. A “like new” example of a relatively common older Colt, Smith & Wesson, Luger or other arm popular with collectors can bring up to twice the price of another that easily ranks as “Excellent.” On the other end of the scale, a scarce, popular collectible in “Poor” or even “Fair” condition often will go begging at a fraction of its value in more acceptable shape.
Of course, neither condition nor pricing is ever absolute. There is no such thing as a fixed price. It’s an axiom among gun enthusiasts that there are only two conditions any two collectors can agree upon and those are “New” and “Junk”; everything in between is highly subjective and subject to debate. For example, a shooter looking at a potential acquisition might rate a gun with little finish but mechanically tight and with a fine bore, “Excellent”; to the collector that same firearm would rate only a “Good” or possibly “Very Good.” An old Luger with most of its original blue but with the bore badly pitted from corrosive ammunition would rate an “Excellent” from most collectors but only a “Fair” from a shooter. Collectors and shooters alike find the line between “Good” and “Very Good” or “Very Good” and “Excellent” a fuzzy one.
It is very important to educate one’s self on the particular gun models that pique your interest, whether you’re a buyer or seller. And if you want to build a serious collection, you need to become a true student of the gun. In addition to books like Modern Gun Values, the internet is a great source for information on firearms. Note in particular the auction houses that are listed below. Their websites provide not only a place to participate in the buying or selling of guns at their auctions, but also a way to track the asking and the selling prices of individual firearms.
The internet makes everyone a seller and everyone a buyer. It has infused an enormous volume of fresh blood into the hobby. In the past, a shooter or collector had to comb the classifieds, drive to every retail shop in the county, and attend gun shows to find a rare or scarce model. Nowadays virtually any gun can be found after a few minutes’ searching online. The result? For newer guns, it’s a buyer’s market. For scarce vintage or antique models, it’s a seller’s market, at least as far as the internet is concerned.
At any rate, the effect of the internet on firearms pricing can neither be ignored nor overestimated. The worldwide web is the single greatest influence on modern gun values, and we can all use it to our advantage, either as buyers or sellers.
These are the most prominent auction houses that specialize in firearms and armory.
Amoskeag Auctions: www.amoskeag-auction.com
Bonhams and Butterfields: www.bonhams.com
Heritage Auctions: www.ha.com
James D. Julia, Inc.: www.juliaauctions.com
Little John’s Auctions: www.littlejohnsauctions.com
Rock Island Auction Co.: www.rockislandauction.com
Remember that the values shown here should be taken as guidelines, not absolutes. When a rarely seen gun that you’ve been wanting for a long time shows up at a price somewhat higher than we indicate, it still may be worth buying because the pleasure of ownership is often well worth the higher price. Many collectors freely admit they rarely regret the firearms they buy, but all too often regret the ones they didn’t buy. On the other hand, don’t be too quick to buy a common gun that you’d like to have when you see it at market price, since one will likely show up sooner or later at a lower price.
From the buyer’s standpoint, pricing at the extreme ends of the condition scale (New to Poor) generally reflects the most you might consider paying for a particular firearm in a particular condition. From the seller’s standpoint, these values reflect ballpark figures where you might start your pricing, leaving yourself ample room for negotiation. In a bidding or other competitive situation, however, all bets are off. Whoever wants the item the most, and can reinforce his sentiments with his checkbook, will ultimately obtain it. The sky’s the limit.
With any luck, however, the buyer’s and the seller’s comfort zones will overlap at a certain point, and that will be the figure for which the firearm is sold.
For collectors in particular, there’s another important aspect of condition that needs to be addressed and that is restoration. As the demand for many collectible arms has exceeded the supply of those in “acceptable” condition, many rare, and even not so rare, firearms have been restored. Pitted areas built up by welding, missing or damaged parts remade, obliterated markings re-rolled, grips and stocks with re-cut checkering, or the metal polished and refinished using the techniques of the original maker are some examples of the restoration work possible. A first-class restoration is an expensive proposition, but if properly done is often difficult to tell from original factory work.
But how does the value of a restored firearm compare with that of an original in like condition? A truly first-class job can bring close to the price of an original-condition example; however, very few restorations are that good. Generally, a very good restoration is usually worth at best half as much as a nice original. Two warnings: First, beware of restorations passed off as original. Second, be extra aware of a common model that’s “restored” into a rare variation by modifying markings, barrel length or the like. When in doubt, ask an expert and refer to the NRA’s Code of Ethics. Misrepresentation can be fraud.
A listing of practices considered unethical and injurious to the best interests of the collecting fraternity.
1. The manufacture or sale of a spurious copy of a valuable firearm. This shall include the production of full-scale replicas of historic models and accessories, regardless of easily effaced modern markings, and it also shall include the rebuilding of any authentic weapon into a rarer and more valuable model. It shall not include the manufacture or sale of firearms or accessories which cannot be easily confused with the rare models of famous makers. Such items are: plastic or pottery products, miniatures, firearms of original design, or other examples of individual skill, plainly stamped with the maker’s name and date, made up as examples of utility and craftsmanship, and not representative of the designs or models of any old-time arms maker.
2. The alteration of any marking or serial number, or the assembling and artificially aging of unrelated parts for the purpose of creating a more valuable or unique firearm with or without immediate intent to defraud. This shall not include the legitimate restoration or completion of missing parts with those of original type, provided that such completions or restorations are indicated to a prospective buyer.
3. The refinishing (bluing, browning, or plating) or engraving of any collector’s weapons, unless the weapons may be clearly marked under the stocks or elsewhere to indicate the date and nature of the work, and provided the seller unequivocally shall describe such non-original treatment to a buyer.*
4. The direct or indirect efforts of a seller to attach a spurious historical association to a firearm in an effort to inflate its fair value; efforts to “plant” a firearm under circumstances which are designed to inflate the fair value.
5. The employment of unfair or shady practices in buying, selling, or trading at the expense of young and inexperienced collectors or anyone else; the devious use of false appraisals, collusion and other sharp practices for personal gain.
6. The use of inaccurate, misleading, or falsified representations in direct sales or in selling by sales list, catalog, periodical advertisement and other media; the failure to make prompt refunds, adjustments or other proper restitution on all just claims which may arise from arms sales, direct or by mail.
*When the NRA formulated this Code of Ethics many years ago restoration was rarer than it is today and some restoration was indeed marked. However, such marking is rarely if ever done today and restoration is not only considered ethical but desirable when appropriate. Furthermore, for many, a restorer’s mark in even the most inconspicuous internal location would detract from originality.
Fortunately, many knowledgeable collectors and dealers are able to distinguish even the best restoration work from “factory original.” In addition, in the current marketplace it is not at all unusual for an owner or seller to not only admit restoration, but to state with pride that a certain arm was restored by a specific well-known restorer.
Ethically, of course, the fact that restoration work has been done and to what extent should always be disclosed to a prospective purchaser. Not to do so has, in the case of some very valuable collectibles, resulted in expensive and embarrassing legal actions.
To give a firm foundation for the pricing structure of this edition, it is essential to establish a set of condition standards by which a firearm can be judged. We have adopted the well-respected and popular National Rifle Association’s Modern Condition Standards as a guideline to the various grades of condition but have made slight modifications (italics) to further help readers determine condition degrees.
New: In same condition as current factory production, with original box and accessories.
Perfect: In new condition in every respect, but may be lacking box and/or accessories.
Excellent: Near new condition, used but little, no noticeable marring of wood or metal, bluing perfect (except at muzzle or sharp edges).
Very Good: In perfect working condition, no appreciable wear on working surfaces, visible finish wear but no corrosion or pitting, only minor surface dents or scratches.
Good: In safe working condition, minor wear on working surfaces, no corrosion or pitting that will interfere with proper functioning.
Fair: In safe working condition, but well worn, perhaps requiring replacement of minor parts or adjustments, no rust, but may have corrosion pits which do not render article unsafe or inoperable.
The editors want to thank you for your interest in firearms, whether as a collector, hunter, competitive shooter, casual plinker, or simply one who is fascinated by the world of the gun. We especially thank you for your support of our corner of that world, the world of gun books!
—Jerry Lee and Richard A. Mann, Editors