After you have spent some time trolling for trains in the marketplace you generally reach a point where you must make certain compromises in order to complete,  or at least fill out, certain niches in your collection.  Unless you are independently wealthy, cost is always a limiting factor for the relatively new, lets call you a slightly advanced collector.  A seasoned collector can presumably thin out their collection to accumulate cash and make room for a new pricey original. A slightly advanced collector might consider restorations or reproductions.

Restorations are readily available on eBay and at train shows and can become a prized part of your collection.  The potential disadvantage in the purchase of the completed restoration is generally centered around your lack of knowledge of the previous condition of the piece and the skills of the restorer.  Knowledge of the seller, through prior transactions, can help boost your confidence level in a piece,  however,  frequently the seller has little or no information on the history of the piece or on the competency of the restorer.  Believe me photographs are no substitute for a hands on inspection of a restored piece.  Having said that,  I have purchased completed restorations on eBay through known sellers with great results.

Option two as far as the addition of a restored piece to your collection is concerned is to purchase a well played with, but complete piece and having it restored by someone you choose.  It is best to talk with knowledgeable collectors, particularly members of organizations such as the TCA, TTOS, etc, to find such a person.  The resulting restoration can be dazzling! 

A cost benefit analysis will always be unique to the piece.  Some guides, like Greenberg's Guide to Lionel Trains 1901-1942, Volume I, Standard and 2 7/8 Gauge, will provide values of restored pieces.  Rarity and popularity are certainly factors.  For instance a restored Lionel 400E may have the same value as a good original. You can decide if you want the piece to look like new and if the cost to do so makes sense (including purchase price and cost of restoration). 

That leads us to reproductions.. If you like new, a reproduction can be exactly that.  In some instances it is virtually imposible to tell an excellent reproduction from an excellent original. Williams Reproductions, Limited made close to exact reproductions of the highly sought after Lionel 381E in the 1970's, without a motor (the last Standard Gauge reproductions made in the USA).  Original Build a Loco Motors were readily available to install without any modification of the Williams Reproduction locomotive, resulting in the closest thing to a new original 381E then available. Lionel Classics and MTH have since made reproductions of the 381E in the orient which have distinguishing markings.  Pricing is determined by the manufacturer if you are looking for a currently manufactured reproduction.  If you are looking for an older reproduction I like to use 15-20% of the current value of an excellent original as a rule of thumb.  Using the 381E as an example, a State Green Original in excellent condition may be worth $4500 (if you can find one).  A Williams reproduction might fetch $675.00 to $900.00 (MTH is selling them for $699.95).  You should always conduct your own market research when contemplating such a purchase and formulate your own rule of thumb.  Take your time.

Well there are my thoughs on one of the great pocketbook dilemmas of antique train collecting and a possible solution to this dilemma.  Remember you can always trade up from a restoration or reproduction.  In the meantime you get to enjoy the next closest thing to an excellent original.  Enjoy the search!

timbuk2002

P.S.  I have purchased and run an MTH reproduction of the 381E in Protosound 2 since writing this guide.  If you want to own a reproduction to run, the MTH ProtoDrive 381 E runs as smooth as silk and looks great on a Standard Gauge layout! 

P.P.S. The Green "State" Cars made by Williams in the 1970's match the MTH 381E perfectly.  The Williams State Set was the last USA produced tinplate and uses the numbering scheme from the Original Lionel.