I believe the Coinola CO in the Milhous auction is original and not a
copy.  The $40 - 60K estimate seems accurate to me (assuming it is
well-restored).  I've always considered a reproduction worthwhile if it
can be sold for about half the cost of a restored original.  Of course,
demand must exist, also.

For example, Siegfried's copies of the Phonoliszt and Maesto are
salable because of the high demand for the few instruments available.
His Phonoliszts originally sold for around $150,000.  versus twice that
(or more) for the "genuine article".  His Maesto was around $250,000
which is perhaps one-third cost of an original.  Bill Edgerton produced
Seeburg KT's to a similar formula.

I was thinking about why the Mills Violano has not been reproduced,
considering it's popularity, but such a copy would probably have to
sell for less than $15,000 (good originals bring around $25,000).  I
doubt a limited production run would allow that price.

In short, I think that no reproduction is worth more than a decent
original.

Philip Jamison
West Chester, PA USA