19th C. President-signed Officer Commissions
GUEST: These are the military commission documents for our great-great grandfather's first cousin, David Perry, who was, uh, in the Union army in the Civil War.
APPRAISER: Here's David Perry's appointment as second lieutenant from 1862. Here it is signed by Abraham Lincoln. And then he is promoted to first lieutenant the next year. This is Abraham Lincoln. This is Abraham Lincoln. And now Andrew Johnson is president. He made... He's made captain. And this is his actual signature. But he had an issue with his right hand and it was very uncomfortable for him to sign. So fairly early on in his administration, he transitioned to using a stamp. To have one that is actually signed by him is a good thing. And then in '69, he's promoted to... lieutenant colonel. And this one's signed by Ulysses S. Grant.
GUEST: Mm-hmm.
APPRAISER: And then he is promoted to colonel, also signed by Grant. And he continues on further and further. Here he is major. This is signed by Rutherford B. Hayes, Lieutenant colonel by Benjamin Harrison. Colonel by Grover Cleveland, and this is 1896. I've never seen these kind of bound together in a book. Usually you see one at a time.
GUEST: Yeah.
APPRAISER: And all of the officer commissions were signed by the president. You've got two Lincolns.
GUEST: Mm-hmm.
APPRAISER: Those are about $4,000 to $6,000 apiece.
GUEST: Okay.
APPRAISER: You've got one Andrew Johnson-- actually signed, not stamped.
GUEST: Mm-hmm.
APPRAISER: That's $1,000 to $1,500.
GUEST: Okay.
APPRAISER: You've got two Ulysses S. Grants. That's about $1,500 to $2,000. Are you keep... are you doing the math?
GUEST: No. Keep going.
(all laugh)
APPRAISER: Tucker! Keep going. After Grant we had Hayes, Harrison, and Cleveland, who all of whom...
GUEST: Mm-hmm.
APPRAISER: ...are less collectible than the other ones.
GUEST: Okay.
APPRAISER: So probably another thousand dollars for them.
GUEST: Okay.
GUEST: Yeah, they've just been, um, mostly sitting stored. Uh, but it is wonderful that they are, like you say, preserved.

$11,500 - $16,500 Auction
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Understanding Our Appraisals
Executive producer Marsha Bemko shares her tips for getting the most out of ANTIQUES ROADSHOW.
Value can change: The value of an item is dependent upon many things, including the condition of the object itself, trends in the market for that kind of object, and the location where the item will be sold. These are just some of the reasons why the answer to the question "What's it worth?" is so often "It depends."
Note the date: Take note of the date the appraisal was recorded. This information appears in the upper left corner of the page, with the label "Appraised On." Values change over time according to market forces, so the current value of the item could be higher, lower, or the same as when our expert first appraised it.
Context is key: Listen carefully. Most of our experts will give appraisal values in context. For example, you'll often hear them say what an item is worth "at auction," or "retail," or "for insurance purposes" (replacement value). Retail prices are different from wholesale prices. Often an auctioneer will talk about what she knows best: the auction market. A shop owner will usually talk about what he knows best: the retail price he'd place on the object in his shop. And though there are no hard and fast rules, an object's auction price can often be half its retail value; yet for other objects, an auction price could be higher than retail. As a rule, however, retail and insurance/replacement values are about the same.
Verbal approximations: The values given by the experts on ANTIQUES ROADSHOW are considered "verbal approximations of value." Technically, an "appraisal" is a legal document, generally for insurance purposes, written by a qualified expert and paid for by the owner of the item. An appraisal usually involves an extensive amount of research to establish authenticity, provenance, composition, method of construction, and other important attributes of a particular object.
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