What are the popular collectible locomotives currently?  Well, there are many kinds but here are some of the most popular and fascinating:

Lionel [train|locomotive]s:  

First of all there are Lionel trains.  If you collected one of these vintage toy locomotives from every decade in the last century you could put together a pretty good history of toy training.  When you collect a Lionel locomotive you are collecting model locomotive royalty.  Baby boomers will recall the Lionel Christmas displays they saw as children. Lionel still has a aura that most model train manufacturers would kill for.  Famous folks like the rocker Neil Young and the actor Tom Hanks have been long time Lionel fans.  These locomotives are such favorite items because many grown ups recall them from their childhoods when Lionel displays were often set up in hardware stores.  Because Lionel was dominated in the 1950s and because the post War period was the high moment of model hobbying, it is no wonder that Lionel should be as prestigious as the brand is.. Lionel’s value is augmented by the fact that it priced itself out of range for most customers back in the post war era, creating a scarcity that helps bouy its value even today.

American Flyers:  

The only toy train brand that can really give Lionel a run for its money is American Flyer.  A. C. Gilbert’s attempt to take the Chicago company and make it a competitor of the juggernaut Lionel ultimately failed. Many collectors will absolutely swear by the quality of these trains. The uniqueness of s gauge adds to the uniqueness of the American Flyer brand.  They are so popular among collectors and fans that Lionel LLC, the current owner of the American Flyer patent, plans on releasing many of the most popular locomotives from this time period.  Watch out for them.

Ives:  

If you really want to find a train nobody but the true collector has, go for an Ives train. Just prior to World War II it was an Ives, American Flyer, Lionel three way battle for dominance.  Ives did not survive but if you are lucky you might be able to locate one of their vintage locomotives.  Like Lionel, Ives operates on O scale. 

Clock operated [train|locomotive]s of the Victorian era:  

If you really want to go old school you can’t go older than a 19^th century clock operated locomotive.  They don’t have the complicated detail that the Lionel and American Flyers would have after World War I.  During this era in toy training the toy train market was overrun by German imports. This would persist until World War I when a sense of jingoism  pushed potential buyers away from these foreign toys.  You can really make out the hand crafting on these simple wooden trains. No plugs, no batteries, no electricity—these are wind-up locomotives in the truest sense.  And they were pricey back then.  They clearly had the children of the rich in mind.  Most before World War I were German.  These locomotives were part of the German obsession with childhood, and came to us along with kindergarten.  Both were part of Germany’s obsessions with childrearing in the early 20^th century.

There is great enjoyment in restoring one of these old toy trains.  There are certainly worse pursuits to spend your time on.

Here is more information on Model Steam Trains. Here is a website with a free mini-course dedicated to Model Trains.