‘One of my American clients recently lamented: “If only I’d put as much money into military medals over the last year as I’d put into the stock market,”’ says Peter Dangerfield, owner of online medals dealership www.medal-medaille.com.
The markets for military medals and ephemera are strong, with new buyers venturing into the militaria world in search of shelter from the global financial storm. The top end of the medals market is particularly buoyant, says Mark Quayle, head of the medals department at Spink, which has been buying and selling military medals since they first appeared after the Napoleonic wars. ‘The finer material — such as scarce gallantry groups — continues to do very well, and I think it will continue to go up and up, though the slightly more common medals are tailing off a little.’
Last year, Spink sold 2,967 lots at its three medals auctions, for a combined total of £2,436,480. Perennial favourites include medals awarded after the Charge of the Light Brigade and the Battle of Rorke’s Drift, as well as Victoria Crosses. But can you really make serious money out of medals? ‘Historically, medals, like gold, have tended to make a good investment — though obviously it’s better if you can get some enjoyment out of your collection as well,’ says Quayle. ‘If you can combine an interest in history with an eye for an investment, then you’re on to a bit of a winner.’
This may be truer now than ever. ‘If the government starts to print money, medals, like jewellery and other intrinsically valuable items, are a hedge against inflation,’ says Dangerfield. ‘However, people collecting medals for purely financial reasons will almost certainly make significantly less than those who are genuinely passionate about them.’
What factors determine the value of military medals? ‘It’s the stories behind them,’ Quayle says. ‘Medals are in essence a tangible piece of history.’ Condition is also a factor — though less so than in the coins market, Quayle says. Scarcity is another factor. Unusual combinations of medals can also fetch high prices at auction. Dangerfield predicts that the advent of the 100th anniversary of the start of the first world war will prompt a surge of interest in — and value of — medals from this period. ‘From time to time, you get a reappraisal of an area of the medals market,’ he says. Medals from any period can be a bargain compared to other collectable objects of similar quality, he adds. ‘You can find medals made by some of the world’s great crown jewellers for a fraction of what they would cost if they were jewellery.’
As in the fine art world, demand for military medals has recently grown considerably throughout Russia and Eastern Europe. ‘They are buying back honours and awards from their own countries from overseas owners,’ says Quayle. ‘Interest in medals from Bulgaria, Latvia, Estonia and Lithuania, for example, has grown very fast over the last five years,’ says Dangerfield. Demand for British medals remains strong in the US and Australia.
What advice do medals experts offer to those interested in starting a collection? ‘First, find either a period of history, a particular campaign, a regiment or a branch of the armed forces that has real interest to you personally,’ says Quayle. The next step, says Dangerfield, is to calculate how much you want to spend on your collection — then to invest a full 20 per cent of your initial budget into reference works. ‘Even though we’ve now got the internet, there’s still an awful lot in published works that isn’t available online.’
Fake medals can be a hazard, says Roy Bassett, a collector and retired Toronto policeman who served in the British army during the 1950s. ‘Before you become an expert, buy medals only from trusted sources, such as specialist dealers, and always obtain a written warranty that the medal is genuine and may be returned for a full refund if later found to be fake.’
Medals are not the only pieces of militaria in high demand during these embattled economic times. Wartime letters, pamphlets and other documents are currently among the most popular areas of the ephemera world, says Judith Grant, a dealer specialising in documents, manuscripts and the like from the 18th cent-ury to 1914, as well as more recent landmarks such as the two world wars and the Festival of Britain.
While the first world war generates more interest among medals collectors than the second, the opposite is true in the ephemera world. ‘I suspect that this is because more people can relate closely to the second world war; many people have parents or grandparents who fought in it,’ says Grant. ‘The first world war seems that much more remote. Demand for this period in my experience is only about an eighth of what it is for the second world war.’
Which items generate particular interest? Signed photographs of, or letters from, celebrated generals such as Montgomery have enduring desirability, Grant says. ‘Ephemera linked to Churchill is in a price bracket of its own,’ she adds. Anything signed by the great man will fetch at least £1,000, she says. Yet potential buyers need to be cautious, as thousands of Churchill letters — such as those thanking well-wishers following his 80th birthday — are actually prints. ‘If a letter is not directly addressed to a particular person, it’s probably not an original,’ Grant explains.
However, the strong censorship of front-line correspondence during the second world war means that the content of many such letters is of little interest — so front-line letters from the first world war, when censorship was less widely enforced, tend to be more valuable. People interested in second world war correspondence offering genuine historical insight are best advised to look beyond the heavily censored battlefield postbag, Grant says. Letters written during the Blitz, for example, are often very enlightening.
Military ephemera from further back in history has a more specialised following. The Boer war has its own army of dedicated collectors. ‘Items related to Redvers Buller, Frederick Sleigh Roberts and Kitchener fetch very good prices at auction,’ Grant says. The Zulu wars are well followed, too. Interest in Crimean war ephemera, meanwhile, tends to be restricted to well-known battles such as Inkerman, Sevastopol and Alma.
Once you have chosen your specific field of interest, where should the budding military ephemera collector start? ‘Go for letters written by the leading figures of the conflict,’ says Grant. For those on a tight budget, second world war ‘home front’ material is comparatively cheap, yet provides a rich seam of interest, she adds. ‘For example, you can pick up Ministry of Food rationing pamphlets on things like “one hundred and one things to do with a carrot” for three or four pounds.’
Whatever your budget, Grant says, the Ephemera Society (www.ephemera-society.org.uk) is a good first port of call.
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