What is the basis of value for an old knife?
Rethinking the Knife Industry’s Standard of “Collectible Condition” for Vintage Knives
What should be the basis of value for old knives?
Let me begin by asking you- When was the last time you saw a Near Mint or Mint Case Brothers toenail in stag or pearl, or who about a Near Mint or Mint W R Case & Sons Jumbo Swellcenter, or maybe a Near Mint or Mints Platts Brothers Andover, NY toenail, etc. The list could go on and on.
The question wasn’t if you had seen any of these toenails, instead the question was about the condition of these knives- Near Mint or Mint.
I have come to the realization that affects all collectors. The knife collecting establishment has created and embraced a standard that is flawed as it relates to vintage knives.
While the old school says “Condition is the basis of value,” however, when considering vintage knives, one must be a bit more practical. I contend- Brand is the basis of value. Brand is the Who, What, When, Where and Why of a knife or pattern. The history behind and the identity of the company that made or sold the knife is a more significant factor relating to value, not whether or not the tang stamp is super crisp or if the blade snaps like a new knife.
Hear me out on this- My interest is not in lowering the standard, instead it is more to approach building a collection of vintage knives from a practical perspective.
I am sure this problem is not just limited to toenails. This dilemma faces all vintage knives, particularly a pattern that was made for a specific use, or has been discontinued, or was produced by a knife company no longer in operation. Moreover, we know the toenail was produced to be a hardcore work knife, aside from the fact it became obsolete in the mid- 1900’s with the advancement in hand tools and machinery.
We frown on restored, reworked or cleaned knives, yet the establishment continues its mantra “Collect only Near Mint to Mint knives.” We had all seen first-hand here at ET.com the byproduct of this emphasis on condition. It is cleaning, buffing, and in some cases reworking old knives- all done for the sole purpose of producing knives in so called “collectible condition.”
Should not the standard of collectible condition for a newer knife be different than an old knife?
Don’t get me wrong, as a collector I want the best condition knife I can find, however, I believe from the most practical viewpoint that the brand should be the basis of value, not condition, as it related to vintage knives.
March 16th, 2008 at 1:38 pm
I think condition is a bigger deal with Case related companies than some others, because so many people collect Case. As pattern collector (toenails) I look at brand 1st, then condition. Yes I would like to have mint, but I would like to win the lottery too. I believe some brands are much rarer than Case Bros., Platts, w.r.case, etc, because they may have only been in business a couple years. If I find an obscure brand, even in not so good shape, I will think about buying it. I may not see one again. Also it`s more likely to see better named brands monkeyed with than lesser names, because of demand (money).
March 16th, 2008 at 2:19 pm
Excellent points Roger.
I agree with the Case related brands are held to a higher standard when defining collectible condition and they are probably the most counterfeited because they tend to be some of the most valuable.
Obscure brands are often viewed as more “one of a kind” because there may only have been one seen, or very few. Because the dealers are toenail experts, their opinion is if I haven’t seen one before then it isn’t real. This is the only challenge I see to buying those extremely rare obscure brands- personally I am fine with buying toenails or brands never seen before. I know of two right now that are fine by me. I’m going to write about them soon.
The other point is who knows that today’s obscure brand might not become tomorrow’s “Case” among collectors (or toenail collectors).
March 17th, 2008 at 11:25 am
Just how many dealers do you believe are actual toenail experts?
March 17th, 2008 at 7:11 pm
Yeah, that was a typo and I couldn’t figure out how to edit my comment. I meant to say “Because the dealers aren’t toenail experts…..”
You know I am not trying to take anything away from these guys. It is just I have found they don’t really know the nuances of toenails and the various brands.
March 18th, 2008 at 6:58 am
There are a few dealers that you can`t take anything away from,and not just about toenails.
April 2nd, 2008 at 7:24 am
[...] started the discussion of collectible condition with previous post on “What is the basis of value for an old knife?” While the overall theme was how Brand should have a greater weight than condition when [...]