The value of a Winchester Model 94 Value will depend on configuration and condition. Some are rifles with a 26" barrel and some are chambered for the 30/30 cartridge. There are also carbines (20" barrel) and trapper carbines (14-16" barrels), different magazine lengths, a variety of cartridges, deluxe models, etc.
If you have the most common, a standard sporting rifle, one of the most popular cartridges, and NRA Very Good condition (95% of the original finish and all original parts). For guns made before 1964, all models (rifle, carbine, trapper's carbine) are close to the same value for the basic gun without special features EXCEPT the "Eastern" carbines made without a saddle ring from 1940-1964, which are much less.
A very rough estimate for a 94 from the first year of production, with a serial number less than 14579, would be from a low of $2,000 for a beat-up, barely working gun to a high of $10,000 and up for a gun in excellent condition both for appearance and operation. A better reference for Retail Values of Winchesters and other guns is Schwing's STANDARD CATALOG OF FIREARMS. It has better layout, and more information, and it is easier to interpret and understand.
When I quote a value, I am quoting from one of the standard books, but books don't buy guns. The true value is the amount a willing seller will accept from a willing buyer. Of course, one reason a gun could bring more than the guide books suggest is some documented association with a famous person or event. If you can prove it once belonged to Buffalo Bill or one of the original Texas Rangers, there is no established value guide. Even a connection to a Texas law enforcement officer in the 1900-1930 period would add a significant amount.
Value is determined by a number of factors in addition to age, e.g., condition, documentation, etc. To get a reliable estimate of the value of your gun, see a professional appraiser. If you just want a basic estimate, buy yourself the current Blue Book of Gun Values. This is considered the most accurate source book for gun values. You will need to determine the condition. Look up the NRA Condition Grading Definitions For Antique Firearms. You can find these in a number of places. Try searching for "NRA Condition Grading Definitions For Antique Firearms" using the Google search form. Be realistic in your appraisal. Ultimately, though, value is subjective. Value is based on the worth to an individual collector. What's more, the sentimental value of the gun to you could be much higher than what a collector will pay for it.
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