1931 War Eagle Completely Restored

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1931 War Eagle Completely Restored

Postby ddepre1 » Thu Mar 28, 2013 12:48 pm

Silent Jackpot Bell/War Eagle slot machine made in Chicago in 1931. Serial # 125500. Completely restored by Nation's Attic Inc. and appraised at $6000. Asking for $5000. Can send copy of appraisal if interested. Please contact me with any questions, I am trying to sell this for my dad. Located in New Orleans, LA
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Re: 1931 War Eagle Completely Restored

Postby Administrator » Thu Mar 28, 2013 2:24 pm

I would like to see a copy of the appraisal.
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Re: 1931 War Eagle Completely Restored

Postby ddepre1 » Thu Mar 28, 2013 2:40 pm

Absolutely! I will be home from work around 10:30 pm and would be happy to scan to computer then. Just let me know if you would like me to send it to your personal email or I can post it as a picture on here. Sorry for the delay but I can provide it as soon as I get home this evening! Thanks for your interest!
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Re: 1931 War Eagle Completely Restored

Postby Dave » Thu Mar 28, 2013 2:52 pm

I think posting it here wold be fine.
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Re: 1931 War Eagle Completely Restored

Postby andydotp » Thu Mar 28, 2013 3:04 pm

Wow, that's a staggering figure ddepre1 !!
Surprised Don values it so highly,,,, love to see the appraisal also.
There are literally dozens of War Eagles out there and they generally sell in the $1,400 - $1,900 range.
Thanks,
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Re: 1931 War Eagle Completely Restored

Postby flipper77 » Thu Mar 28, 2013 3:51 pm

War Eagles are beautiful but the many repros have hurt their value. One other comment - maybe just misprint but serial 125500 places the Mills slot in 1925 way too early for War Eagle. War Eagle serials started in the 260,000 range. Maybe 325500? And not to be piling on but $2000 - $3000 value range even for a stellar Mills War Eagle. Still better than a Peacock as far as the "birds" go! HeHe.

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Re: 1931 War Eagle Completely Restored

Postby ddepre1 » Thu Mar 28, 2013 9:46 pm

Thanks for the input please know I am not trying to deceive anyone I am just going with the numbers my dad and this appraisal are saying. That would be very unfortunate if this model is not worth more than $2000 because that is what my dad paid to get it restored. Please let me know what you think about the 2 pages I am posting.
Attachments
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Re: 1931 War Eagle Completely Restored

Postby ddepre1 » Thu Mar 28, 2013 9:53 pm

The numbers for the serial number I even got from the paperwork I have attached. I find it really strange Nation's Attic would have made this mistake but I will let my dad know about everything you all have shared with me. Again, thanks for your help.
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Re: 1931 War Eagle Completely Restored

Postby Dave » Thu Mar 28, 2013 10:16 pm

The key phrase in the appraisal is "for insurance purposes". Appraisals for insurance purposes are always higher than the true value.

It is not uncommon to spend more restoring a machine than it is worth in the end.

Many times people have contacted me with an original machine that they want to sell. They want to know what it would be worth as is and if it were restored. In the vast majority of cases the value added to the machine by restoring it is less than the cost of the restoration. Of course, this assumes the machine was not a nice original and restoring would actually hurt the value.

The show "American Restorations" has had several slot machines on it. In every example, the price that he charged to restore the machine exceeded the value of the machine after it was restored. Of course, he does not tell the owner that and usually gives the owner a very inflated value of the machine once it was restored. I think he once restored a Rol-A-Top and told the guy it was worth over $9,000 after it was restored. I think he charged the guy something like $3,500 to restore it which was about what the machine was worth after he restored it.

Because most appraisals are worthless is one reason why I started the online price guide which tracks actual sales (http://www.AntiqueSlotMachinePriceGuide.com).

Below is a scatter plot showing the prices of War Eagles

War Eagle Prices.png
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Re: 1931 War Eagle Completely Restored

Postby ddepre1 » Fri Mar 29, 2013 7:07 am

Well I told my dad about everything and he definitely feels like he was taken advantage of, or at the very least misled. He doesn't want to part with it unless he is making money off of it. Thanks for your help I appreciate it!
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