Expensive Guns: The Cost of History

I think we would all agree that guns can be expensive. That’s why we often save for months or longer to buy the one we want. Some guns cost more than others, and that price gap is pretty big. Higher-end guns hold their value better than what I would call “everyday guns.” Like anything else, the name on the gun can make a big difference when buying or selling it. In general, new guns cost more than old guns. And when you walk out the door of a gun store, your new gun is worth a little less than you just paid for it.

If you buy a Night Hawk, it will retain value far better than a mass-produced “normal” gun. But some guns sell for prices that far exceed even the best quality, high-end guns. And it’s not always the high-quality name on a gun that inflates its value. I can buy a Glock pistol for five or six hundred bucks. A Staccato will cost me a few thousand and when you get into the one-gunsmith-per-gun companies, even ten grand is not uncommon.

Those prices for high-quality new guns, however, are not even close to the record-breaking sales we have seen over the years. So, what makes some of these older guns worth so much more than the gun itself? Most of the time, it’s the person who owned it. Other times, it could be a rare gun or prototype that was never put into production. Let’s look at some of the most expensive guns in history and see why people paid so much for them.

Colt Single Action Army Revolver $6.03 million

Any old Colt single-action army revolver would be worth some money in today’s world, but not millions. The price of this one stems from the fact that it was used to kill Billy the Kid. Documents indicate it was used by Pat Garrot when Garrot killed Billy the Kid with it in July of 1881. Billy was only 22 years old at the time of his death. Even at this young age, William Bonney (Billy the Kid) was believed to have killed 21 men. The Colt revolver has been in private collections where it remains today. Before the sale, it was estimated to bring in 2-3 million dollars. Instead, it sold for a whopping 6.03 million dollars. There are some expensive guns I would like to own someday, but this one is a little out of my price range.

Colt Model 1849 Pocket Revolver $1.1 Million

This one is not expensive because it was owned by anyone in particular. And it’s not just the solid gold inlays that make it so valuable. Instead, it’s expensive because of it’s rarity. Only six of these Colt revolvers were ever made.  One 1849 cap and ball revolver sold for 1.1 million in 2012. One of the six was given to Czar Nicholas I, a Russian Czar, and one each to the king of Sweden and Denmark. This one now rests in the Metropolitan Museum of Art in New York City. I can’t imagine owning such a rare gun, but it would be cool, wouldn’t it?

Al Capone’s Colt 1911 $1 million

Al Capone, the American gangster we all grew up hearing about had several favorite guns. One of these he called “Sweetheart” and carried on him often. A 1911 Colt .45 with a blued-steel frame and custom engravings was the highest-selling item from Capone’s estate. It was expected to sell for $150,000 but sold instead for just over a million. I’ll admit I’m not as much into revolvers as I am semi-auto guns. And the 1911 handgun is the father of all semi-auto handguns.

Designed and built by the legendary John Moses Browning, the 1911 handgun has a long history that involves world wars, mobsters, US Marshalls, and more. Anyone who owns a 1911 handgun owns a piece of history. This one’s just worth a little more because happened to be Al Capone’s Sweetheart gun.

Teddy Roosevelt’s Double Barrel Shogun $862,500

This gun would be worth some money even without a famous owner, but probably not quite as much. Made by the Fox Gun Company for an African Safari in 1909, President Roosevelt stated it was the most beautiful gun he had ever seen. The 12-gage shotgun was custom-made for the president and had an inscription on the stock. Roosevelt even cleaned the gun with his pajamas, which were sold along with the gun. It now rests in Texas and remains one of the highest-selling shotguns in history.

Killing Jessie James with a .44 Smith & Wesson $350,000

Not every expensive gun is a Colt. This .44 Smith & Wesson revolver was used to kill outlaw Jessie James by one of his fellow gang members. There is no concrete proof this was the gun used to shoot James in the back. But experts believe it is. During the outlaw days of Jessie James, he reportedly robbed more than 20 banks stealing an estimated $200,000. That’s a lot of money even today and even if this isn’t the gun that killed him, it’s still pretty cool. Selling for $350,000, someone really wanted this revolver.

How much would you pay?

Guns are expensive, but these prices are way beyond the value of the actual metal and craftsmanship. The value added to them is the story or uniqueness of each one. Owning a piece of history has significant value because it can’t be duplicated. That kind of value is limited only by a person’s desire to own that moment in history. How much would you be willing to pay for such a gun?  I often wonder how much I would be willing to pay for a famous outlaw’s gun.  Or a lawman who was so tough and harsh that even the legends feared him. That number likely changes based on the disposable money you have available. But those who really appreciate history and firearms understand why these guns sell for such high prices.