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Midas Thompson


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Hawksnest, I was about to ask you the same thing. A little more though, so I can get another residence, maybe in Oregon! LOL http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/laugh.gif
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Phil,

The reason why any Curtis Earl owned Thompson has a ridiculous selling figure is because Curtis Earl once owned it. Every subsequent owner after Earl tries to recoup the overblown price they paid for the weapon. In the case of the "Midas" TSMG, after Earl bought back the weapon from Daily with the newly adorned engraving done by Earl C. Bieu, he advertised it in his catalog in 1971 asking $5,500! The embarrassingly self-aggrandizing article Earl wrote in Guns & Ammo (using the pseudonym "Hank Drake"!) introduced this non-rare Thompson as "The Midas Touch Thompson". How Guns & Ammo allowed him to write this article, (that is really a commercial for Earl and his collection), under this assumed name, shows a total lack of professionalism by the magazine. The broker for the "Midas" Thompson did not mention in the Sturmgewehr ad that the weapon was once dewatted for a sale to a California buyer, or that Earl wrote the "article" in Guns & Ammo.

 

Having seen this TSMG in person, I would have to say that it is a beautiful effort of customization. The photo on Sturmgewehr does make it look like a Franklin Mint special, but in reality, it is a neat piece.

 

As far as the bargain $95K price goes? One would need to consider what any Colt Thompson that has had identical work done on it fifty years after it left Hartford is worth? If any Colt loses half their value when it is re-blued (and new "fancy burl walnut" wood substituted for the original contractor Remington), how much more value is added by the engraving and gold inlay? The idea that a one-time employee of Colt did the engraving is in no way as relevant to the value of a Colt Thompson that was originally engraved by Colt back in 1921/22. Of course none are known to exist. As a novelty Colt, I would be so bold to say it is worth in the neighborhood of $40K to $50K. What this “Midas” gun has going for it that propels it into nearly six figures is the Earl inspired legacy of the weapon. Can one put a price on thirty-odd years of publicity? Apparently the broker did.

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Speaking of J-Lo, the broker for the "Midas" TSMG is hoping for the same miracle the investors of the Afleck/Lopez "Gigli" movie are praying for.... Ah! I see how the broker arrived at the figure. He neglected to add that ten Colt matching numbered C drums are also included along with free passes to Earl's museum in Boise.
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I recall the Guns and Ammo edition which featured the Midas Thompson and have the copy somewhere. Does anyone know if there are more online photos of this Thompson? Even though the add quoted "pics" I was only able to find the left receiver. Like most things Thompson, people will sell it for what the market will bear. $95,000 seems a bit steep for me but J-Lo spends that on tastless skirts..............maybe J. Edgar would have one up on her at the range ! What do you think Phil?
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First Sarge,

The G&A cover showed the right side of the "Midas" gun. I don't think there are any photos on the net. If you did not snap pics of the "Midas" gun when it was on display at Champlin, your only alternative is to contact the broker and request him to send you some candid shots. He may want to do a Dunn & Bradstreet on you before hand though.

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Hardrede,

You know if I calculated the value of the "Midas" gun, using my own guidelines as outlined in my previous post, I would be closer to your figure. Consider a non-existent 100% Colt TSMG, without a historical pedigree, worth $30K? Give or take. Now divide in half the value from the re-bluing. The replacement wood, no matter how spiffy, did not add value. It only subtracted it. That leaves the engraving, which in today's dollars might be, (a purely speculative guess), $10K on the outside? That brings the value to $25,000. Now add the movie star quotient because Earl arranged for the gun to be featured in G&A and you have $95,000. It's simple, really.

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I guess I would say the gun should be sold at a real auction, like Christies(sp) or Southebys (sp) with heavy advertising.

 

1911 collectors, and other gun collectors frown on re-bluing and refinishing an original. That does detract from value. Given the fact that 99-98% Navy overstamps with all the trimmings sell for just about or just under 25K, I would think that this Midas gun is worth a few thousand more and thats all. That would be only from the noteriaty this gun may (or may not) have.

 

I, for one, would never buy it even if it was priced like any other Colt. I don't care for molested guns for my collection.

 

I also should note this: I would never own a Colt Thompson. They are too expensive, and I would never shoot it. I would rather have a gun that was build on the same exact machinery with a different bolt, buffer, buffer pilot and spring and be able to shoot it, drop it, ect. than have some beautifully engraved, overpriced Colt that bases its value on the fact that its a Colt, it was engraved by someone who worked for Colt at one time (not in the 20's) and was once owned by someone who I never heard of and who is dead.

 

But thats just me.

 

Oh, by the way, I will offer 4000 for this gun if the owner happens to be watching. LOL

 

http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/laugh.gif http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/laugh.gif http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/laugh.gif http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/laugh.gif http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/laugh.gif http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/laugh.gif http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/laugh.gif

 

Jr

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Link/URL to ad:

 

http://www.subguns.com/classifieds/index.c...query=retrieval

 

 

The fully documented "Hardware Store" Thompson advertised for $125K in a full page ad in SMALL ARMS REVIEW a couple of years ago is a better buy if it is still available. To accompany the so-called Midas Thompson, the purchaser needs to buy a yellow Hummer with 24" spinning wheels, and get his dentist to fit him with a couple of gold front teeth.

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Wow mine must be the poor man's version. Not a Colt but it was factory engraved at least. My as well repost the pics from the old board to save them when it goes away.

 

http://www.mediarev.com/sh/thompm1a1/Img1530.jpg

 

http://www.mediarev.com/sh/thompm1a1/Img1532.jpg

 

http://www.mediarev.com/sh/thompm1a1/Img1533.jpg

 

http://www.mediarev.com/sh/thompm1a1/Img1534.jpg

 

http://www.mediarev.com/sh/thompm1a1/Img1539.jpg

 

http://www.mediarev.com/sh/thompm1a1/Img1543.jpg

 

http://www.mediarev.com/sh/thompm1a1/Img1545.jpg

 

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That is such a strange gun! Beautiful, but odd with the Lyman sight, finned bbl, and comp, for an M1 that is...
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I've been thinking about having a STEN or an M10 done up like this. Except chromed and engraved. Whadyah think? $50,000 per item http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/wink.gif
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Best I can say is that I was seriously in on the bidding and the gun did sell for something over $95,000. Even if you try and piece it together, it is a rather unique piece and as long as there is someone who is willing to buy it, it will sell for some very high price.

 

Next plan is to go to Tracy's shoot and show and see what is for sale up there.

 

Mark H

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I am with John, Jr. on this; I feel as if a rare relic (the untouched gun) has been desecrated. http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/ohmy.gif http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/mad.gif I think it looks gaudy awful. If you need to 'spruce something up', use your daddy's shotgun! And, puleeeez, stop molesting the Tommys!! http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/ph34r.gif http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/cool.gif
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Hi Guys, http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/smile.gif

 

Called Mr. Wiles yesterday and talked to him for 20 minutes or so. I ask him if I were to put a bid of say $65,000.00 http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/ohmy.gif , would I have a shot at this Thompson http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/unsure.gif ? He said that he had recieved four solid bids and that $65,000.00 wouldn't even match the lowest of the four http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/dry.gif !!!!

 

I wouldn't have bought it any way http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/tongue.gif , but I'd say (from the way he talked) it went for close to $100,000.00. I think that's crazy, but that's just my two cents http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/biggrin.gif .

 

I could tell that Mr. Wiles seamed to know alot about Thompsons and invited me to call him back anytime if I had a question about Thompsons or just to talk about them http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/smile.gif . He said he is retired and the Thompsons have been one of his hobbies for years.

 

He also said that someone contacted him last week and is thinking about having him sell an all original "Colt 21" with a serial # in the two digit range http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/ohmy.gif and he would be posting it in the next two weeks, if the guy agrees to sell it. http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/unsure.gif I ask, "what might that kind of Thompson go for?" He said, "well over $100,000.00" http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/ohmy.gif , (that's when I feel out of my office chair http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/blink.gif ) could this be true http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/unsure.gif ?

 

Jim http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/cool.gif

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Yes. If that two digit serial number was 41. Of course that went to the Mexican Governmnet, and it aint coming back. The later numbers in the 90's would not bring anymore dough than any other serial number because it all depends on the condition or pedigree. The total number of the Colt Thompson production was so small to begin with that a low serial number is not that exceptional by itself. These brokers pick up a cool 20% off the selling price for ostensibly placing a couple of adds on the net and then arranging for the paper work and transfer. I suspect that Mr. Wiles knowledge of Thompson's is deeply effected by whatever he happens to be selling. I do know that a collector is selling, or has sold, a Colt Browning Automatic Rifle serial number 1 (one) for $100,000+.
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Jim, so, stating the obvious, either all that fancy gold inlay and engraving is worthless or the price of ordinary, http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/blink.gif original Colt 21 Thompsons has just gone up by over $75,000. http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/blink.gif http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/biggrin.gif
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Walter,

Exactly! If Mr. Wiles is guaging the value of these special Colt TSMG's at these astronomical figures, then his base guidline figure for a 95% or better any model Colt TSMG must be in excess of $50K, conservatively speaking. It is perplexing that there were an abundance, meaning more than two bidders, who offered more than $90K+ for the "Midas" gun. One would figure that he would get offers starting from $50K to upwards of $65K and he would then have to re-evaluate the market place worth. But it appears that there were a rash of bidders tripping over themselves to pony up every bit of the asking price. I would love to ask these bidders, or the winning bidder, why they thought the price was right.

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Arthur, maybe they were bitten by the infamous 'goldbug'. http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/laugh.gif http://www.machinegunbooks.com/forums/invboard1_1_2/upload/html/emoticons/cool.gif
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