Originally Posted by bigo426:
..... Dad paid top-dollar for a 773 one Christmas in the mid-1970s -- $200 new-in-box at Madison Hardware and they had stacks of them even though there was already a thriving collecting scene.
Funny you mention this. I bought one of those 773's also in 1969 or 1970. I paid $189.50 with tax from Madison. Mine turned out to be a repainted 1950 cab on a frame that had parts from 1950 and 1965. I owned that engine for over a decade before a collector showed me the outline of the original 773 cab number under the paint by holding the engine at an angle under a lamp. The tender lettering was dry transfer type as I also learned. I am disappointed to this day about being taken advantage of like that when I was 13. They were selling the engine at a collector price level so they can't be defended by saying they were selling toys to be played with. From what I discoverd over the years is that Madison was assembling as many of the engines as they could. That's why they had "stacks" of them. Sorry for the off topic rant but that episode in my train collecting experience makes me react like the "slowly I turn" routine performed by the Three Stooges.
My main point is that Madison had all of these because there was so little demand when Lionel reissued the 773. And the 1950 version was no great seller at the time. The were likely many engines as well as a ton of parts left over.
Madison was taking all of Lionel's excess production since the days of Standard Gauge Trolleys. Later, Dad bought a 392 gunmetal tender. This was sealed in the Lionel box with Lionel tape, so it really is unlikely that they made it. They also promised to make up an engine out of parts -- though they never did, for us at least.
You do make a good point about the minefield that is "collecting" -- and I have far too many examples of my own (plenty of dealers thought I was just a dumb kid that they could swindle). And all of those "Madison 773s" are floating around on the Collector Market today.
One last note, I do remember two seasoned TCA collectors -- Father & Son, who thought that the 773 was a good buy at the time. Make what you will of that.