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Please find a short article by Mark Smith below.
At Quastel Associates, we have been fortunate to value some of the most important medals ever awarded.
There are a number of specialist auction houses in the United Kingdon focusing on medals. The strength of the market is also demonstrated by the number of major auction houses offering dedicated medal sales.
So, what makes some medals worth a few pounds or others a seven-figure sum? Collecting is much the same as other collecting fields; condition, provenance and rarity playing an important part in value.
However, beyond that, there are a number of factors to consider such as the importance of the battle or campaign, the fame of the individual or event and the level of gallantry involved.
In terms of desirability and value, the Victoria Cross is arguably one of the most sought after for medal collectors because there are only 1,357 in existence. However other collectable medals include the George Cross, Distinguished Service Cross, Military Cross, Distinguished Flying Cross and Air Force Cross to name but a few.
Collectors typically focus on medals awarded by their own country with officer rank also playing a role in attraction and value. Medals are typically sold in groups, and the varied combination of decorations can add to their rarity and appeal.
Some collectors focus on miniature dress medals, produced for wear on mess dress uniforms or black-tie events. Although having less value than the full-size versions, they offer an alternative to the collector who can add medals to their collection which were previously out of reach due to rarity or value.
Collectors often focus on certain conflicts such as the Napoleonic, Crimean and Boer Wars, the Indian campaigns, followed by the two World Wars and later conflicts of the 20th Century such as Afghanistan or The Falklands. Often a short conflict will mean that medals are limited and therefore sought after within the collecting sphere.
Others will concentrate on certain regiments, famous battles, single decorations or those awarded for civilian action. The vast range of options means that the medal collecting field will attract a variety of different collectors.
When we visit clients who own medals, these have often been passed down through generations of their family and their true value is unknown. It is important to check that the medals in their possession are the original versions. This is because many have been lost either in battle or over time and the replacement versions are a fraction of the value of the originals. This is why cases, paperwork and provenance all play a role in determining value.
The values of medals have been growing, especially following the increase in collecting during the Pandemic. However, it is often a link to history and the connection to the person involved in the bravery rather than a monetary value which interests family members or drives collectors. Despite this, as demand is outstripping availability, there is no doubt that medal collecting and values will continue to grow.
