Colt Forum banner
1 - 3 of 3 Posts

·
Premium Member
Joined
·
555 Posts
Discussion Starter · #1 · (Edited)
I am a little out of my depth with this situation, and I hope someone can advise me about my proper stance in a negotiation that may be breaking out next week.

I am looking at a 1902 Military (.38 rimless smokeless, lanyard loop) in what appears to be 99% or even 99+% condition. Nothing about the gun suggests to me that it has been refinished, though I recognize that the rampant Colt logo at the rear left of the slide is a little shallow. I don't attribute much to that as I have seen shallow horse imprints on other guns on which there is no chance of a secondary polish and refinish. The serial number places manufacture in 1919, and the gun carries the proper stamps, abbreviations and characteristics of one produced in that year; it does not appear to be a gussied-up put-together gun with a frame from one year and a slide or parts from another. The hard rubber grips are not worn, scuffed or chipped, and appear as new, which contributes to my belief that the current finish is original. I am looking at the gun alone; box and accessories are not involved.

I have found on the internet records of lesser quality 1902s that were sold (or at least offered) between $2000 and $4000. The price on this gun is just under $6000, which I take as an invitiation to make an offer. Given observed comparables, I would think $4000 is not out of the question as an advantageous price to a buyer. What I would like to know is whether anyone thinks $5000 is a reasonable price given recent sales of which you all may be aware but I am not. I know, of course, that if I am driven to own this pistol I will simply have to pay the price below which the seller will not drop. I am just curious to know what others think a reasonable fair market price on such a gun might be, discounting any role for individual psychology.

It is a spectacular semiauto. If money were no object I would have just bought it today. But money is an issue on this occasion, and I am hoping for some sound advice about where proper fair market valuation on a high condition 1902 Military might lie. I have not been able to consult a recent Blue Book (not that I have much faith in that resource's reliability in valuing classic firearms), but did find an Internet reference to a 1902 that claimed the Blue Book value was a little under $6000. I suspect on the basis of that reference that the Blue Book may lie behind the asking price on this one.

Many thanks for any thoughts you all can offer.

EDITED TO ADD: I should say that the gun I am interested has the same feature set as a 1902 Military available now on Gunbroker (item no. 364435872) for $5000, but is in better shape by far than the Gunbroker specimen. In an extended sense I am asking for opinions on the asking price for that gun as well.
 

·
Premium Member
Joined
·
555 Posts
Discussion Starter · #2 ·
Never mind -- no replies needed. I have decided how to approach this. If it turns out that I manage to acquire it, I will post photos.
 

·
Premium Member
Joined
·
3,035 Posts
For what its worth here is the current blue book for a 1902 Military:
Grading100%98%95%90%80%70%60%
N/A$5,750$4,500$3,500$2,500$1,500$900
Add 30% for front slide serrations.
Add 20% with original box and instructions.
This model is serial numbered approx. 11,000-16,000 and 30,200-43,266.
 
1 - 3 of 3 Posts
Top