The News from ElephantToenails.com

We toenail collectors have all had it. Most of us still have it. You know it is contagious too. The funny thing is the majority of us don’t really want to get rid of it once we catch it.

What the heck am I talking about…The Itch, of course.

Got a email from another new collector yesterday and he confessed…he caught The Itch.  Here’s what he had to say-

Hi Scott,
I am just starting to get the “itch” on these knives. The more I find out the more I want to start collecting them. Can you direct me to some reputable areas to look and perhaps purchase – I don’t like the thought of getting a “fake”. That picture of you with your collection is really something.
Thanks in advance,
Jeff

I provided Jeff with a little direction and I think he will be fine now. What I didn’t tell him was once you get it you never really get rid of it.

As a followup to my editorial- I am Angry a few issues need further addressed and clarified in light of some of the comments I have received. Thanks for taking an interest and sharing your thoughts with me.

1. I am fine with criticism. Moreover, as long as it is rendered in gentlemanly (or womanly, as the case may be) fashion, you are free to express your thoughts.

2. It seems as if my comments were incorrectly construed to have been defending sham artists (crooks, fakers, and folks who intentionally deceive others) as a result of a link posted on BladeForums.com and that topic’s context.

(more…)

I admit I pretty much do the lazy man’s mining. Smart folks know sometimes you aren’t going to find jewels on top of the ground, so you must “turn some stones” or move some dirt (in other words, you’ve got to dig).

Here is you a toenail on eBay that requires some digging. It was under the heading: “Antique 2-Blade Folding Pocket Knife.” As you will read below the seller discovered the brand and pattern with the help of ET.com. It is a Union Cut. Co (could be a Union Razor) and doesn’t have a reference to the pattern or brand. If you are interested check it out.

Here is his email:

“Hi Scott;  After looking on your website, www.elephanttoenails.com, I think I have identified an old knife that I am currently selling on Ebay [Item#130245439886] as a “UNION etc—-” Sunfish or Elephant Toenail knife. Other than the ON— on the blades that is legible [which I think is the last 2 letters of UNION], I can’t make out anything else, but the pictures on that website of the UNION 4-1/4″ knives with the light brown handles are almost exactly what this knife looks like. This knife and the others that I’m selling on Ebay have been in a plastic bag in my gun case for probably 15-20 years and I just found them again. Funny. Dave”

The description reads: “Part of my deceased Father’s collection is this vintage folding pocket knife with brown bone handles. The blades have been sharpened numerous times, but the knife is in very good condition and works perfectly. It has some lettering on the base of both blades, but it is so old and used that it is not legible [something like NO_ _ _?]. There may also be some numbers, but I can’t make them out. Thank you for looking and bidding.”

GOOD NEWS FOR COLLECTORS!

This auction just confirms what we here at ET.com talk about all the time- there are tons of toenails out there folks have that aren’t officially in circulation. This is a son’s efforts to sale some of his father’s items. The good news too is the son recognized the father’s knives as a collection and didn’t just toss them out.

Do you know what and where The One Hundred Mile Circle is? Well, I am headed there tomorrow and to me it is hog heaven. It is the most historically rich 100 mile patch of territory in the entire United States. I’ve been there only once before 2 years ago, but I felt like I was on holy ground.

If you are a knife collector and into early American cutlery history, and have been in this region, then you know what I am talking about. If you aren’t familiar with this term, it is the 100 mile circle around Little Valley, NY.

According to Giles book, Case, The First 100 Years, there were over 73 different cutlery companies that have at one time been located in this magic circle. I soaked it in when I was there last and hope to do the same this trip.As you probably know, I head out tomorrow on my way into Bradford, Pa for the Case Collectors Appreciation Day. I will be landing in Buffilo and driving down.

Two years ago Case asked me to conduct their auction and they asked me back. On Friday night, we have 10 items that are sure to be treasured among collectors. As you also know we are having our first Elephant Toenail Collector Club meeting at 11:00 Saturday morning in the boardroom of the Case factory. Come be with us.

Last trip in I visited Cattaraugus and Little Valley. I wanted to go over to Eldred, but wasn’t to. I also when on a fun trip with the Case historic tour that takes you up to Little Valley to see the original factor sites and grave sites of the Case brothers and family.I’ll try to post while I am gone but for sure will at least once when I return.

No this isn’t a Bud commercial, instead it is my fulfillment of my promise to a recent request.

As I posted earlier this week, I had a new collector want to see a toenail in hand (so he could show his wife how big toenails are). I have two confessions here- one is I am a terrible photographer and two, I only have time to play knives at night so the lighting stinks. I had to take the photos left handed which is hard due to the camera being made to push the button with your right hand, plus it is an bulky camera at that.

Anyway, you see how the knife is a handful, but honestly it fits like a glove. To me the toenail being a working man’s knife was perfectly made to fit the contours of the right hand.

Can you guess the knife I am holding? You probably guessed right. It is in my all time favorite standard style toenail (non-jumbo, that is).

I acquired it last year from a fellow collector who was raising money to buy a car or something…..really I don’t remember what he said, but you know as well as I do he could go out and nearly buy a car for what I had to pay for this pearly. While there is a bit of rust on the bolsters the knife still has original finish on the blades and is the best conditioned Case Brothers pearl I have ever owned. While the famous trademark XX is not stamped out on the blade, the rear tang is stamped TESTED XX.

As most of you are aware Case Brothers made this knives shorter than most other manufacturers. It measures out at nearly four inches long closed.

You guys know the time management challenges I have trying to balance home, work and ET.com life. It is a constant balancing act…kind of like keeping spinning plates spinning and not falling to the floor.I must share an encouraging email I received today from a brand new toenail collector- he actually has yet to get his first toenail, but really likes them and what we have done here with ET.com. He made an excellent suggestion and one I will act on after I get back from a biz trip I leave for tomorrow, so next week I’ll do my best to fulfill his request. It is collector appreciation like this that continues to motivate to keep up my self appointed role as ET.com creator and webmaster. Thanks to all you old members of ET.com for your continued support too.

Scott:

I have never collected knives but my collecting friend showed me a toenail and now I think I am hooked.  You sight is wonderful and has been a great education for me.  I can’t wait for the next gun show to go hunting for a starter knife.

May I respectfully suggest you add a picture or two near the front page with a toenail in someone’s  hand for perspective?  Until I can buy one, I’m having trouble getting my wife to understand just how big they are.

Many thanks for your website which I know is a lot of work.

Brian  

This is Part II of our topic of “What is the best approach to use to sell your collection?” In Part I we looked at questions to ask yourself. These questions are pointers to help determine which approach best fits your needs, now I want to look at the pros and cons of the different approaches.

In general, a knife is only worth what someone is willing to pay. We must ask ourselves what factors/set of circumstances can I create to create the ultimate buying environment so that when that “offer” comes in it is the maximum offer I could/can expect.

As both an auctioneer and a knife collector, I have been asked on numerous occasions which is more advantageous to sell through, the auction method, or the one-on-one negotiated sales approach. This question typically then leads to online auction, such as eBay compared to the traditional live auction format.

To look into the answers involved here we examine several aspects; first, we must examine each method’s pros and cons. (more…)

Part Two: Price vs. Value

In Part One of “What is Price,” we were reminded that WE are the demand. It is the buyers who determine value and buy at our price (most of the time). I realize in the real world it is more balanced and takes a willing seller in order for our “price” to be acceptable. I am not talking about going around slinging low-ball offers just because we determine what a toenail is really worth, but it is not the opposite either- a seller demanding his price just because he has a rare toenail “for sale.”

In Part Two I want us to examine how price and value compare, if they do. So, let’s start with What is Value, What is Price and aren’t they the same thing?

In layman’s terms, Value is what something is worth as supported by “the market.” Price, on the other-hand, is what is expected, required or given. It may be more or less than its value. Furthermore, price often follows value, not the other way around.

Say, you NEED a Case Brothers stag (5250) to complete your Case Brother toenail collection. You locate one from a dealer who 1) Recognizes you NEED it, or 2) isn’t motivated to sell it below a number at which he is willing to keep it. You are a highly motivated buyer and he isn’t. So provided you can come to terms is the price you paid representative of the value of a Case Brothers Stag? Probably not. Its value put you in the ballpark, but it is likely this seller is wanting a premium and you are willing to pay it. In a more typical situation, the buyer wouldn’t be willing to pay the sellers above market value, thus the sale wouldn’t have been consummated.

More-often than not, what we run up against is a seller (usually a dealer, but not always) who wants to command a premium price and this often results in the knife staying for sale for a while. In fact it will either stay for sale until one of two things occur- the seller eventually gets right or a buyer finally gives in and pays the price. Sometimes enough time has transpired for the value to have caught up with the price. I saw this in real estate many times prior to 2006.

I personally know of a seller who had some fine toenails for sale. He admittedly didn’t care if they sold or not (which strikes me odd). His prices we above market value resulting in him carrying the toenails around from show to show for a least a couple of years. Finally the values came up close enough to his price that he started selling them. So, was his price the real value? Obviously not, otherwise, they would have been snatched up the first time they were displayed.

Fellow collectors, don’t fall victim to the notion that “there are so few collectors that it takes months or years for a rare toenail to sell.” That is wrong. We are lead to believe this oftentimes by dealers who attempt to justify their price. Take for example, Jumbo Swellcenters, one of the more expensive toenails among collectors, I know of at least 4 sales just this past month. So the one that remains for sale for a long time, either doesn’t have strong demand because of something about the knife, or is overpriced. It is not that there aren’t many collectors who can afford them. Joe Seale told me years ago, he typically doesn’t keep a Jumbo for more than 30 days.

There is no doubt toenails are not a life staple. We don’t live or die as a result of not getting a particular toenail. But because of this, defining our “need” for toenails is much more difficult and can lead us to paying a price that isn’t supported by the market (and many times this is OK with us).

Price is more subjective, whereas value is more objective. Price, at the end of the day, is the amount an individual collector, or dealer, is willing to pay or sell for. Value is much more broad and is a price that is supported by the market.

Collecting is emotional- not rational and can cause collectors to pay a price that is a perceived value, but may not be market value.

This concludes the two-part series on “What is Price?” I recognize no earth shattering revelations were announced, but it is important to understand the difference between price and value, how price is determined and whether or not that price represents the market as we continue on our toenail quest. Reminding myself of these truths helps me to calibrate when I lose focus and perspective, which happens almost every time I run across a new toenail to buy.

Part One: WE are the Demand!

I wrote this article several months ago, however, haven’t felt it was “time” to run it- Well now I do. My prompting was a email I received yesterday from a collector asking me about a toenail he was being priced to buy. This collector indicated he was offered this toenail and thought the price was too high and wanted to know my 2 cents. Well, it fired me up!

This collector was being offered a jumbo for about 25- 30% more than any toenail of that style has sold for (and we track them closely) and this equates to a bunch of money considering what really good Jumbos are selling for. I told my fellow collector in no uncertain terms- “No, the knife wasn’t worth that price if you want to use recent sales as the basis.” I know there are times we use other factors to help us individually determine the worth of a knife, however, if you just look at “comps” then we have a very good indicator as to what other collectors recently paid. Then there is the “What is it worth to me right now?” question.

We know the number of Toenail collectors is continuing to grow each year. Toenails enjoy a very high degree collectibility and popularity. From all indications I can see (from visits to my website, conversations with dealers and collectors, bidders on online auctions, etc) it will continue in popularity.

One of the benefits resulting from this popularity is a large enough group make up toenail collectors that enable us to make some things happen. It wasn’t too long ago, a dealer might have for sale a “once in a lifetime” offering of a Jumbo Swellcenter (or any other toenail, for that matter) and would stick a really big price on it. Then the collector (buyer) not knowing how long it would be, if ever, he would find another one like that bought it. The price was typically secondary in the decision and was pretty much dictated by the dealer.

You are familiar with the old economic principle of Supply and Demand. Well, WE are the demand.

I am convinced the supply is there and now we have the opportunity to drive our own market, instead of being a victim to the prices/values of the dealers and price guides. In the past we were told what values were, what brands have the highest value and which ones are the least popular, etc. In the past we have been told… “well this toenail is priced at X because of Y,” which may not reflect what we as collectors judge is important.

In the end it is the Buyers who determine value and the factors that are important in knives that are purchased…not sellers (I confront this issue of how value is determined almost every day in my “real job” of meeting with real estate owners who think just because they spent X on their “premier property” then it should be worth that, well…the harsh reality is if no one buys the property (after a reasonable period of time) the conclusion is it simply isn’t worth X. Period end of story).

My goal is not to start a rebellion, but here is a real fact: In most cases toenail prices are being set by “Price Guides (mine notwithstanding),” instead of the price buyers are actually paying for these knives. It is not uncommon for the writer to take a few sales to help them in their assessment of what has happened to values, but just due to the sheer number of patterns produced it is impossible to make it much of a science.

Moreover, many insiders attempt to “drive the market.” Just because 88’s (what ever the heck that is) went up X% doesn’t mean toenails experienced the same value change (it could have been more or less). I am well aware of “record prices” periodically paid for toenails and I do my best to keep my ear to the ground in an attempt to see where values are going and what is happening as it relates to toenails. Yes, I know of a few record sales for extremely rare toenails , but those sales are also the exceptions rather than the rule, and furthermore, don’t necessarily “set” the price for the rest of the approx. 100 other brands or 300 different variations of older toenails that are out there.

Bottomline: WE are the demand and we decide what a particular toenail is worth.

Part Two in this series on “What determines Price?” will be posted this week entitled “Is there a difference between Price and Value?”

I was born and raised in a small, two-traffic light town located in southeast Alabama named Brundidge. In the name of progress, however, one of the traffic lights has been removed. We were hell bent on not becoming too big. Fifty years later, we still have just one traffic light - so, I guess the removal of that second traffic light must have worked. Although I’ve traveled all over the world, had some great times and met some great people, Brundidge is still my favorite “small town.”

My passion for collecting knives, guns, cars and Harley motorcycles started in my hometown while attempting to walk in my grandfather’s shoes. My grandfather taught me how to “have my cake and eat it too” by buying stuff that he was passionate about, taking good care of his stuff, and believing that sometime in the future, you should pass the stuff on. He instilled that in me at an early age, and I plan to pass my stuff on to the grandkids, but NOT YET!!

After graduating from high school at 17, I enlisted in the U.S. Air Force where I served for 5½ years (some of the best years of my life) - another case of “having my cake and eating it too.” After wearing that blue uniform for my country, I suppose I was hooked on uniforms. I returned from the Land of the Rising Son (Japan) and joined the Metropolitan Police Department in the nation’s capital, Washington, D.C., where I served for 20½ years (the last 13 years I served as a training officer at the Fourth District) before retiring.

So - after 26 years of service in the Air Force and on the Police Department, I decided that it was about time for me to “man up” and do some real work - I founded V. Henderson Landscaping in 1991. I am still having fun doing this. One of the properties that I take a lot of pride in landscaping and maintaining is the US Chamber of Commerce located across the park (Lafayette Park) from the White House. This property was once the home of the historic Webster family - so, if any of ET.com folks decide to tour this great city and the White House, feel free to walk across the park to the U.S.Chamber, go the front desk and ask for me. If I’m not around that day, they will know how to reach me.

In the past few years while chasing that next “must have” for my collection, I’ve had the chance to talk with some of the most passionate people that I’ve ever encountered (the late James Parker, his son Buzz Parker, Bob Wurzelbacher and, without a doubt, Scott King to name a few). These men have been forthcoming, earnest and helpful - some things that you don’t see much any more. This is just one of the reasons that collecting knives can be so intoxicating for me - what better way to spend your money - collecting knives that you can enjoy for a lifetime while at the same time, teaching your kids (or in my case, the grandkids) some real life lessons about taking care of your stuff, investing, patience and discipline - like “having your cake and eating it too.”

Just like ET.com creator, Scott King, I am also hooked on the elephant toenail pattern - stag is my favorite handle material. C. Platt Son, Case and Napanoch are my favorite brands, but I love all brands of elephant toes. When I’m not searching for old elephant toes, I love driving some of the vehicles that I’ve collected over the years. My favorite is a 1974 Pantera that I purchased brand new and it still has the original wiper blades.

That’s a little about me. I look forward to reading all of your bios.

P.S. Thanks Scott for firing up the old toes again!