The following short record of average values is based upon auction prices realised during the last twelve years. It is difficult to standardise values, as so many factors are involved in the valuation of war medals. Not only rarity, but condition; not only the number issued, but the importance of the engagement in which they were earned, are taken into consideration by most collectors. Then there are periods during which there is a "slump," and prices do not rule so high. High prices are invariably obtained for the first medals placed upon the market even when, as in the case of the Boer War, it was known that thousands would be issued. Medals for South Africa which sold in 1903 for £1 5_s._ have now a fairly regular price of about 10_s._ if in good condition. In 1902 the Khedive's Sudan medal with bar for Khartoum realised £3 15_s._; it is now valued at about 7_s._ 6_d._ in the sale-room. In the same year the Mayor of Kimberley's siege medal (a star of silver) sold for £6 15_s._; it now realises from 10_s._ to £1. The last new British war medal to be issued, that for Abor, realised as much as four guineas in the sale-room when it first appeared; it dropped in a few weeks to three guineas. A Military General Service medal with the single bar for "Roleria" has fetched as much as £21--and as little as £3 3_s._, but this was due to the fact that the latter was faked, _i.e._ some bars had been removed, the medal roll showing that the man whose name was impressed on the edge had served in five engagements, and his medal originally had that record.