| Experienced
collectors generally rely on three sources of information:
1.
Self-acquired knowledge resulting from active participation in
the hobby.
2. Personal contacts with other experienced collectors and dealers
acquired over time.
3. Annually published price guides that attempt to reflect current
market conditions.
The novice collector, or someone who simply wants to determine
the worth of a train that has been running beneath the family
Christmas tree for generations, is somewhat at a disadvantage.
He or she may lack long-term experience in train collecting, and
probably hasn't developed contacts who might help answer questions.
That being the case, the most viable alternative remains the published
price guide.
Even
experienced collectors can have a "love-hate" relationship
with price guides. Some swear by them, and others swear at them!
Usually, it's a matter of how "fair" they perceive the
guides to be. Those wanting to sell trains, or hoping to see their
investment increase in value year after year, are somewhat prone
to disdain these books, reasoning that their items must surely
be worth more than the "book price." Those wishing to
buy toy trains are more prone to cite published prices, figuring
that a higher asking price is akin to "gouging."
Always
keep in mind that price guides for any kind of collectible are
just that -- guides! They should never be taken as gospel! The
true value of a toy train (or any other commodity) depends largely
on the eagerness of a buyer to acquire the item, and on the willingness
of a seller to part with it. A price guide provides nothing more
than a reasonably reliable starting point for negotiation. None
of the published price guides profess to offer more than a general
reflection of market conditions existing prior to publication.
Remember,
too, that the single most important factor influencing a given
toy train's value is its appearance - that is, its condition.
Collectors usually care less about how the item operates than
about how it looks. So dents, scratches, faded paint, and damaged
or missing parts all adversely affect this rating. The guides
published today generally adhere to grading standards established
by the Train Collector's Association (TCA), the largest organization
of its type. These ratings, ranging from "Mint" to "Poor,"
are rigid standards, monitored and enforced by the TCA and followed
by its members (see chart above).
However,
non-TCA collectors sometimes ignore these or other standards.
All too frequently, an unwary novice is sold a "Mint"
item that may actually be only "Like New." Admittedly,
objectivity may be difficult when you're grading a treasured item
that you want to sell. Nevertheless, the seller's credibility
is on the line, and every collector is well advised to disregard
sentimentality and err on the side of conservatism in grading
each piece.
In
the area of Lionel train collecting, there are two respected,
affordable, and long-established guides that are considered to
be the most comprehensive and authoritative: TM's Lionel Price
& Rarity Guide (two volumes) and Greenberg's Pocket Price
Guide to Lionel Trains. Both are updated and published annually,
and each has, over many years, developed a devoted following.
Greenberg's
Pocket Price Guide covers Lionel production from 1901 to the present,
listed numerically by general "era" of production. This
includes "prewar" (1901 to 1942), "postwar"
(1945 to 1969), and "modern era" (1970 to present, sub-categorized
to reflect ownership changes). The book covers Lionel's 2-7/8
inch, Standard, OO, O, and O27 gauge trains listing the most common
version of each item, along with some significant variations.
(For HO, see the Greenberg illustrated hardcovers.) To locate
an item in the listings, you'll need to know the product number
or the catalog number (sometimes they are not the same). Then
it's a simple matter of looking it up in the body of the book
(Greenberg's Guide does not have an index). The easiest number
to find is most often the one printed on the side of the car,
or on the locomotive's cab. It helps, of course, if you know the
era when the item was produced, because then you won't have to
search every section.
TM's
Price and Rarity Guide offers additional features. There are,
for example, chapters on complete sets, Lionel's HO product line,
and Lionel's boxes (some of which are quite valuable today). In
addition, the TM guide lists all major variations, assigns rarity-rating
numbers to reflect scarcity, and employs trend arrows to help
collectors identify changes in marketplace conditions. State-of-the-market
reports written by prominent collectors and dealers are also provided.
Items in the TM guide are listed by category or type, but an index
at the back of the book also allows you to find items by catalog
number. TM publishes two volumes: the first covers 1900 through
1969, the second covers 1970 to the present.
Regardless
of which guide you select, be sure to read the introductory material
explaining how the guide was compiled, how prices were determined
and listed, and how to use the book. Always remember that the
more sources you consult, the more informed your buying or selling
decisions will be. It's really as simple as that! Just keep in
mind that these are only guides, and that there really is no substitute
for experience.
Allan
W. Miller is Managing Editor of Antique Trader Books -- a leading
publisher of collector price guides on a variety of topics, including
toy trains. He has edited more than a dozen books relating to
toy trains, and has authored more than 50 magazine articles on
the subject.
Guide
Books
Greenberg's Pocket Price Guide to Lionel Trains, 1901 -- 1999
Published by Kalmbach Publishing Company. To order direct, call
1-800-533-6644. Or visit www.kalmbach.com.
TM's
Lionel Illustrated Price & Rarity Guide, Vol. I: 1901 -- 1969
TM's Lionel Illustrated Price & Rarity Guide, Vol. II: 1970
-- 1999
Published by TM Books & Video. To order direct, call 1-800-892-2822.
Or visit www.tmbooks-video.com.
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