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Collecting Lionel trains has been a hobby of mine for some time. Over the past several years, my wife Esther and I have gone to quite a number of toy train auctions and have sold some trains on eBay. However, I don't consider myself an expert because buying and selling collectible train stuff has turned out to be surprisingly complex.
One of the reasons for the complexity is the large number of different types of train items on the market and vast differences in values for what would seem to be very similar items. There have been quite a number of different manufacturers, with Lionel, American Flyer and Marx being among the most common. Each company manufactured many different items, but even for a specific item there may have been variations that will cause serious collectors to pay enormous prices.
For example, a Lionel 6357-50 Santa Fe caboose manufactured in 1960, in like-new condition with the original box, might sell for close to $1,000, while a similar Lionel 6357 caboose would probably fetch only $15 to $25. A typical pre-World War II, Lionel steam engine and tender will sell for $75 to $200, but a Lionel 700E steam engine from that period, in excellent condition with the original boxes, could bring close to $4,000.
As might be expected, the price an item is likely to bring depends on what the item is, its condition, whether or not the box and packaging is included, and how many were manufactured. Factors also affecting price include the desirability of a particular item and sometimes even the color or color of the lettering.
Sometimes we have seen an emotional factor where the price of a particular train is bid up to outrageous levels at an auction. That doesn't happen very often though. At one auction in Central Massachusetts, where quite a few trains were up for sale, the auctioneer, not understanding the toy train market, got so angry that many people got up and left. He had to end the auction prematurely. Ironically, at that same auction I was able to buy one of the prized items in my current collection, for a price I think was high but fair.
For anyone who is interested in buying or selling toy trains, one of the best reference sources is "Greenberg's Lionel Trains Pocket Price Guide" published by Kalmbach Books. It is generally available at stores that sell trains, at some book stores, or it can be ordered over the phone by calling Kalmbach at 800-533-6644. Kalmbach also publishes Greenberg price guides for American Flyer and others, and there are a number of Greenberg books that go into great detail about toy train products. In general, books tend to be divided into the prewar (pre World War II) and postwar periods. Lionel books also tend to refer to "postwar" as the period between 1945 and 1969, and they refer to the "modern era" for products manufactured after 1969.
A word about prices: Greenberg includes prices for "Good" and "Excellent" condition items for prewar and postwar trains, and "Excellent" and "New" condition for "modern era" trains. For postwar and modern trains, Greenberg assumes that new and excellent condition means that the original box is included. It has been my observation that eBay prices for trains are generally less than the Greenberg prices. Prices of prewar trains may run close to the Greenberg price; prices of postwar trains tend to average from 60 to 70% of the Greenberg price; and prices of modern era trains are likely to be closer to 50% of the Greenberg price, if the item sells at all. However, toy train prices do seem to vary a lot more than most people would expect.
In my opinion, not many people are likely to get rich buying and selling toy trains. They are not easy to find at a cost that will justify reselling them on eBay. Many owners have an unrealistic idea of how much their trains are worth. Toy trains usually get pulled out before estate sales begin. They are rarely seen at yard sales, and they often sell for surprisingly high prices at local auctions and flea markets.
But toy trains, especially Lionel, are surprisingly durable. If you find a Lionel engine, even one more than 50 years old, and the train has not been abused, disassembled, badly rusted, or physically damaged, the chances are good that it can be cleaned up, put on a track, and it will go around in a circle just like it did many years ago. If you enjoyed playing with toy trains as a kid, you just might enjoy collecting them now.
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