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There is nothing collectible about a 5906.
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I think the definition of what is collectible is up to the owner and can vary from person to person. While I would agree that a 5906 might never yield a large return one day, I do think they could be considered part of a collection. For instance, if someone was looking to own a handgun collection with a lot of iconic pieces, and I think the 5906 is iconic. There are countless standard 1911s and Browning Hi Powers and CZ 75Bs out there. But to me each is iconic and worthy of a place in a collection even if just simply as representative of the type.
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They VG to excellent guns can be found for as little as $300.
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A quick check on gunbroker does yield a lot of nice guns for ~ $300 - $400. I have seen LNIB models go for close to $500. But you're right that availability isn't a major issue at this point.