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Many collectors are excited about a new law introduced
in the New York State Assembly by Assembly Member Peter J. Abbate, Jr. New
York law currently prohibits any New Yorker from owning a slot machine under
the age of 30 – as newer slot machines are considered part of today’s market and
thus an actual gambling machine as opposed to an antique. The new
legislation would propose that slot machines 20 years and older are antiques,
thus opening a whole new window for dealers and collectors alike.
The new rule would include not only hand pulled slot machines, but also some
of the first electronic slot machines – since those date back to the 1960’s. Since
many of the older slot machines are already in the hands of serious collectors,
those that have just started collecting now have a chance at getting a
slot machine for their very own. Dealers are excited as this gives them a chance
to start getting in some new inventory. As the older slot machines are already
gone, there has not been much business for them – this new legislation will
open up a whole new world to them, as well as a real financial boon.
Older slot machines traditionally sell for roughly $2000 if they are from the
40’s or 50’s. Slot machines that are not quite as old, roughly 20’s-30’s
will still get a price of roughly $1000. If the slot machine has been restored you could be
looking at roughly $2500 depending on the restoration.
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