The best way to estimate the value of an antique golf club is by determining whether it is rare or not. Antique golf clubs that feature aluminum caps on the handles, nickel or stainless steel heads, or yard range stamps are not valuable from a collector's point of view. Rare clubs with unusual wooden heads or patented features may have much higher value.
The antique golf club market is filled with inexpensive, common clubs that companies such as Spalding, Wilson, MacGregor and Kroydon mass produced. Many of these clubs exist to this day and generally fetch very small prices on the antique market.
Rare clubs that have uncommon features are much more valuable because they were created in limited quantities. Examples of these types of clubs include wooden clubs with thick, curved necks that are covered in several inches of string whipping, or smooth face irons manufactured by brands such as Army & Navy, Forgan, Dunn, or Carrick and Anderson. Wooden shaft clubs with deep grooves, often called waterfalls or rakes, are also valuable on the antique market.
Another way to determine whether a particular set of antique golf clubs is valuable is by looking to see if the clubs have no face markings.