The "Machine gun" if it is truly an automatic weapon could be worth a lot or it may only be worth a trip to prison.
In 1986, Congress enacted a law banning the possession and transfer of all machine guns except machine guns manufactured prior to May 19, 1986, and machine guns possessed by or manufactured for governmental entities.
With certain limited exceptions, the NFA requires anyone transferring a machine gun to register it with ATF. (The NFA put this responsibility, along with the $200 tax discussed below, on the transferor, rather than the transferee, in an effort to deter all transfers of machine guns. In order to register a machine gun, a transferor must obtain authorization from ATF prior to the transfer in accordance with ATF regulations.
The sticky is registering a previously unregistered machine gun. My understanding is you can't do it (if wrong someone will surely correct me) - that's why the price of "legal" automatic rifles are so high - there are only so many legal automatic weapons out there and the number of people that would like to buy one keeps growing. That's why a new semi automatic AR15 can be bought for $600-$2000 and a used automatic M16 is $10,000 to $30,000.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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