From time to time I have received email from readers saying something like, "I have this old toy train from my grandfather (father, uncle, etc.), and I would like to know how much it is worth. Someday I expect to get an email that says "I bought this nice old train at an auction recently, and I would like to know if I got a great bargain or paid way too much money."

Actually, that's OK.

I have purchased train stuff at auctions when I didn't know how much it was worth. In retrospect, sometimes I got a good price, sometimes I paid too much, sometimes a fair price, and once I found that I had bid on the wrong box. Guess you could call that the price of learning.

Getting back to the subject, a person who is not into collecting trains, but does have an old train that he or she wants or needs to sell, has a special problem. Without knowing how much the train is worth, it is hard to know how much money and time one should spend researching the toy train market. Such a person may never have been in a train store and probably doesn't know if the store personnel would estimate the value of a small train set, and even if so, would they get an honest answer. This person may have a limited amount of time to spend, or may simply be thinking about whether or not to sell the trains at all. A trip to the local bookstore might turn up some expensive books, but most likely one would find a book filled with all kinds of toys, but not the specific trains in question. What to do?

First, start out by compiling an inventory of what you have, even if there are only a small number of items. You need to know the manufacturer, the identifying number associated with each train car or accessory, the track gauge or size, and roughly when the items were manufactured. In most cases, this number will be prominently displayed, usually on the sides of the locomotive or cars, sometimes on the bottom. Most Lionel and American Flyer trains will have such numbers clearly visible. For older trains this will usually be a three or four digit number; occasionally it will be a two-digit number. Make a note of the colors, names on the cars (Lionel Lines, New York Central, Sunoco, Baby Ruth, etc.) and note the condition of the items.

If there are broken parts, serious rust, deep scratches or chipped paint, the value will less; but don't discard broken or damaged items. Collectors will sometimes buy these for spare parts. Do not discard the boxes or paper that came with the train set. Original boxes increase the value of a car or locomotive by quite a bit, even if the boxes are not in perfect condition. Operating instructions and old train catalogs sometimes sell for more than one might expect.

Now that you have a list, the next step is to find out what the collection is really worth. If you have a friend or if you know someone who is into train collecting, this is easy. If you have a large collection of Lionel or American Flyer trains you might want to buy a current Greenberg Pocket Price Guide. If it is a small collection it may be possible to find a price guide at a public library.

You might also try looking for the items on eBay. For example, an eBay search for "Lionel 2026" will generally turn up several such locomotives being auctioned. It is best to look at completed auctions, because last-minute bidding is fairly common with toy trains. In some cases you may have to search eBay for similar items, but check the auctions closely, because a general search for "Lionel 700E" might also list auctions for Hallmark ornaments.

If this still doesn't work, perhaps because you are having trouble identifying the items, you will need to find an experienced train collector or dealer. That requires old-fashioned detective work. Check the Yellow Pages for train shops, antique shops, hobby shops, even auction houses. Eventually you will find someone who has enough experience to help out and at least give a ballpark estimate on the value of your collection. Keep in mind though, that selling prices for old toy trains vary enormously, depending on the circumstances. And, if it is necessary to sell the collection to a dealer, you should expect to receive considerably less than the price-guide value. That is not unreasonable, it is a fact of life. (Why is it that when I am trying to buy something at an auction there is always another bidder, but when I am trying to sell something, those other bidders rarely show up?)

Some final thoughts: Just because a train is old and in good condition doesn't guarantee that it will sell for a high price. Many toy trains, even some from the 1930s and 1940s, were manufactured in such large quantities that there is still very little demand. If your trains belonged to a relative, consider using some item or items from the collection as a conversation piece. Maybe a favorite locomotive and tender, or a couple of nice passenger cars would be suitable. Attractive display cases are available from companies such as Classic Case Company in Rolling Prairie, Indiana. They can be found on the Internet at http://www.ccase.com. I think it would be a thoughtful tribute to a person to prominently display a favorite train and be able to say something like "This belonged to my grandfather. He loved Lionel trains."