Because some people will sell things like this:
A rare leather-bound book that played an influential role in America’s early history could bring a windfall for a soldier training for his second tour in Iraq.
Indiana National Guard Capt. Nathan Harlan was a high school junior when he paid $7 for a 1788 first edition of volume one of “The Federalist” — a two-volume book of essays calling for the ratification of the U.S. Constitution.
That’s the first volume of The Federalist Papers. The actual Federalist Papers.
The book is being auctioned off tomorrow, but you can already make bids online. But:
Heritage Auction Galleries sold a complete two-volume set last year for $262,900 — a lofty price aided by the fact that it was in its original form and had been owned by a Revolutionary War soldier.
Harlan owns just a single volume, and its leather cover has been replaced, but the auction house estimates it will sell for $8,000 to $12,000. James Gannon, Heritage’s director of rare books, calls that range “very conservative” and says bidding could push the final price between $20,000 and $30,000 because the book is sought-after.
Understatement Of The Year nominee:
“…it was a good buy at $7.”