Old fishing lures are a hot collectible today, but like many other collectibles, it is the lures that are in the best shape that are of the most value to collectors. Some collectors collect by manufacturer, specific lure, color, design, etc. Typically the older lures are manufactured of wood and often have glass eyes as well as multiple hooks (5 plus).

Wooden Heddon with 5 hooks and glass eyes

There is an non profit association NFLCC (National Fishing Lures Collectors Club) that has many members through out the world. They have regional as well as an annual national meet where the lures and fishing paraphernalia are displayed and traded (held in Grand Rapids Michigan in July,2006). There is also a web with great information (search on nflcc). While some lures will go into the 5 digit price range, it is a very rare lure typically in excellent + condition.

Newer lures are still collected and are often plastic. They are often referred to as "spook" lures. The spook lures (ie. Heddon Tadpolly lures) sell for considerably less than the older wooden lures.

Example of wooden Heddon tadpolly with glass eyes