I just got handed two older Winchester model 12's that belonged to my grandfather. The 16 gauge was probably purchased before 1950 and the 12 gauge was bought in the 60's.

The 16 gauge is in pretty sorry shape and I'd like to get it refinshed with new wood. Is there any collector value I should worry about?

I'm not interested in parting with either weapon but what are they worth?

Model 12's are definitely collector's items.  I've seen prices range from $7-800 up to over $3000, depending on condition, etc.  I'd check into them pretty well before I did any refinishing.  

I have a 50s or so model 20ga model 12 that my father gave me a few years ago. He bought it off
a drunk on the side of the road about 30 years ago for $20. That was the first gun I ever hunted with. I see them at gun shows all the time going for $600-1000, depending on condtion.

I would like to get a 12, I have 2 automatics that were modeled after the feel of the 12, super x model 1.  I hear they shoot great!  

a refinished 16GA thats done right will go for $475 to $600 in ohio but 16ga wood is hard to come by, as for collector value if it's in bad shape it's not worth much anyway, i see alot of  old junk mod 12s for 100 to 250 bucks if i had one that was my grandfathers i would spend as much as it took to make it look new . you can't go to town and buy grandpa's gun

What do the guns look like? Do they have ribbed barrels? checkered forend? If you have a 12 ga is it 3"? Those can add a lot to the value of the guns. If they are plain field guns with the corrugated forend value, in good condition, would probably be around 4 or 5 hundred. If it something special it can get crazy. The next M12 for me is going to set me back 2 or 3 thousand. I need a new duck gun and I'm a M12 whore. Definately the best shotgun ever made. My 2 cents.

Unlike a number of different brands of 16 gauge, the M12 Winchester 16 gauge was built on the same frame as the 20 gauge, wood is interchangeable between the two.  There are a number of very good individuals who specialize in restoring the old Winchesters but of course their quality work doesn't come cheap.

www.winrest.com is one such site...this guy does great work.

If the gun is basically a field grade M12 a lot of the value depends on the year of manf.,the condition of the blue and wood, and where you are in the US. But as someone else said, you can't buy grandpa's gun anywhere...so you have to determine what that's worth to you.

I love these guns.  I currently have 3, 2 are the 16 gauge and both of these were made in 1915.  So they've been around awhile, great gun to hunt upland game with...