After returning to his home near Birmingham, England, he began to research his purchase. Etched into the blade were the initials "FFM" and the name of a British army regiment, the East Kent. But the best indicator to its provenance was a serial number on the blade made by the London swordsmith, Wilkinson. With this number, Withers was able to inquire about the sword’s history from a company that keeps an archive of all purchasers of its swords dating back to the mid-19th century.

A few weeks later, Withers learned that the sword had belonged to the illustrious British general Frederick Francis Maude, who likely carried it into battle during the Crimean War—a campaign that featured the famous charge of the Light Brigade. On September 5, 1855, Maude held off an enemy onslaught at Sebastopol with only 10 men and was seriously wounded. For his gallantry and bravery, he was awarded the highest British military honor, the Victoria Cross.

The sword in Withers’ hands was probably present on that fateful day. The fact that its owner had won the Victoria Cross dramatically increased its value. Six months later, Withers sold it for $4,900. "Not bad for a quick six-month investment," he says.

Withers, a British military sword dealer and author of World Swords 1400–1945, An Illustrated Price Guide, claims that the collector’s market is heating up—and there has never been a better time to invest in high-quality swords. In April 2006, a sword at auction at Sotheby’s in Hong Kong set a record. The Baoteng Saber, a jade-hilted, ceremonial sword struck by the smithy of the Qianlong emperor during his reign from 1736 to 1795, sold for $5.93 million to an anonymous Chinese bidder. "I would say the average price of high-end swords is increasing by 20 percent each year," Withers says. "It is the top end of the market that is exploding because there are a limited number of very fine examples, which are becoming increasingly sought after."

Battle Ready
Investors are joining a legion of would-be duelists, samurai, musketeers, gladiators, Scottish Highlanders and Vikings whose quest for the perfect blade has obsessed men for centuries. The quality of sword manufacture often went hand in hand with the rise and fall of empires. At the zenith of their power, these cultures often produced the finest blades: swept, hilted rapiers from the Italian Renaissance; gem-encrusted sabers of the 16th-century Indian moguls; and British naval swords from the time of admiral Lord Nelson and the Battle of Trafalgar. And the one seemingly evergreen high-end sword investment: Japanese swords; blades from the 1300s command $100,000 and more.

Today, a sword’s worth is based on its provenance and, more importantly, on the list of its former owners. Earlier this year, Hessink’s auction house in the Netherlands offered a 16th-century, double-edged executioners sword etched with fanciful engravings that had been made in the German town of Schwäbisch Gmünd. The sword was used to execute at least 1,000 criminals and those deemed to be witches; the deaths are detailed in two chronicles from the time. The sword itself featured the Goddess of Justice holding scales and the inscription: Long is the pain on wheel and rope—so quickly show me your neck. When I give you the deathblow—you will instantly pass on to heaven. The sword fetched $21,961 from an anonymous buyer.