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Midas Thompson


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#21 TOMMY SMG

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Posted 06 August 2003 - 04:38 PM

Hi Guys, 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 ohmy.gif , would I have a shot at this Thompson 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 dry.gif !!!!

I wouldn't have bought it any way 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 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 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 ohmy.gif and he would be posting it in the next two weeks, if the guy agrees to sell it. unsure.gif I ask, "what might that kind of Thompson go for?" He said, "well over $100,000.00" ohmy.gif , (that's when I feel out of my office chair blink.gif ) could this be true unsure.gif ?

Jim cool.gif
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#22 Arthur Fliegenheimer

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Posted 06 August 2003 - 05:18 PM

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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#23 Walter63a

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Posted 06 August 2003 - 05:21 PM

Jim, so, stating the obvious, either all that fancy gold inlay and engraving is worthless or the price of ordinary, blink.gif original Colt 21 Thompsons has just gone up by over $75,000. blink.gif biggrin.gif
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#24 Arthur Fliegenheimer

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Posted 06 August 2003 - 05:33 PM

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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#25 Walter63a

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Posted 06 August 2003 - 06:09 PM

Arthur, maybe they were bitten by the infamous 'goldbug'. laugh.gif cool.gif
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#26 TOMMY SMG

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Posted 06 August 2003 - 07:49 PM

Auther & Walter,

I was just sharing with you what the man said, hell, you know as well as I that this is one of the crazyest type of gun to collect anyway blink.gif . It has so many emotional ties too its' history, some people go nuts and will do and pay whatever it takes to have one ohmy.gif . That's why I'm not really shocked dry.gif when I see these Thompsons that have any kind of special recordable history going for untold & unheard of amounts of money huh.gif .

Yes, your right wink.gif , being a broker for such a high dollar item would tend to make you do a little research on it so you would know what the hell your talking about, but for some reason, Mr. Wiles didn't come across in that "salesman type style" (maybe he's a real good salesman? biggrin.gif ) to me unsure.gif .

Regardless, if indeed these types of guns are going for these kinds of prices, just think of the investment potential? What will they be worth in 20 yrs. from now??? ohmy.gif !!!!!!!!

Or better yet, just enjoy the Thompsons' we have, you never know if a BIG ASS ph34r.gif METEOR will crash into us next year ohmy.gif and then no one will give a dam how much you paid for your Thompson, because no one will be here to care ph34r.gif !!!........

Food For Thought!!! blink.gif !!!!

Jim smile.gif

PS- He did know that the first dozen (or/so) Thompson produced were destroyed ohmy.gif do to some mismanufactured parts on those guns??!!!


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#27 Walter63a

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Posted 06 August 2003 - 09:03 PM

Jim, your points are well taken; I did not mean to denigrate anyone's sanity. rolleyes.gif It's just that I would rather have 3 or 4 'ordinary' Model 28 Thompsons and a whole 'shit-load' of C and L-Type drums, for $100,000+. Maybe that is just the form my own personal insanity takes; Who knows? smile.gif blink.gif Also, I can't deny, and am not indifferent to, the skill and workmanship (artistry even) which obviously has gone into the 'Midas'. I think it is a matter of personal taste and preference. That gun could be called an ultimate display gun: but, as to utility....well? wink.gif I wonder how many times the new owner will actually take that gun out of its climate controlled, 'burglar proof', vacuum packed, museum quality display case, dust it off and take it to the range for some trigger time? sad.gif

P.S. Did you guys hear that 'The Terminator' is running for Gov. of CA. He says he's going to Sacramento to,"clean house." smile.gif
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#28 Arthur Fliegenheimer

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Posted 06 August 2003 - 09:44 PM

Jim,
Don't get me wrong, I would love to own the "Midas". But for nearly thirty years I thought (or was led to believe) that it was a truly special Colt Thompson that was the product of an employee working at the Hartford, Connecticut plant back in 1921/22. When I discovered that it was a set up piece by Earl, I no longer pinned for it. Now that it has surfaced again on the market, (after three or four years), and found its way into the home of another Thompson collector, I am happy for the new owner. I did think that when it was on public display it helped to boost the appreciation for Thompson's by appealing to novice unlookers.

The reason I mentioned the number 41 Colt TSMG is because that is the first of the 15,000 Colt serial numbered Tommy's. I also guess the problem with the "Midas" gun is that its history stopped in 1970 when it was re-blued, re-wooded and engraved. There is really nothing historical about Earl promoting the weapon on the cover of G&A back in 1973. It is sort of like the current crop of celebrities who are famous for being famous. Their achievements, or lack there of, is not the reason why the public knows about them. I feel that is the same allure of the "Midas" gun. It has a sense of contrived worth.

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