About prices of the Medieval Madness pinball machine

Time and again, on every pinball forum, the same question resurfaces: Why is Medieval Madness so special, and why is it so much more expensive than other pinball machines? No other model sparks as many discussions about its status, hype, or price-to-quality ratio. What's remarkable is that this isn't a recent phenomenon, this question was already being asked over 2 decades ago, and it continues to be debated today.

Please note: all prices mentioned are in euros, based on actual sales observed in Belgium and Europe. Prices in the USA have consistently been higher, and variations exist(ed) in other countries. Exceptions are always possible.

Prices of used pinball machines

Let’s begin with some background on the typical price evolution of used pinball machines, especially in Europe. Before 2000, very few private individuals owned pinball machines. Most were operated commercially in bars, arcades, and entertainment venues. Because machines were readily available on location, there was little incentive to own one at home.

Traditionally, pinball machines were purchased new by operators. They would rotate machines across multiple locations until the games were worn out, no longer profitable, or required costly repairs. Or even when they ran out of locations to operate a pinball machine. Once a machine had been on all their locations, it could be sold and a new model was bought. Popular titles like The Addams Family, Twilight Zone, and Indiana Jones retained slightly more value than less popular ones like Judge Dredd or Popeye, but all depreciated over time.

Some operators parted out machines for spare parts, traded them in when buying new ones, or sold them to smaller operators. A game that cost €3,000 new might be sold five to seven years later for €500 to €1,000.

New machines usually earn well for the first few weeks. Then earnings declined as players got used to the game. Operators had to replace it with a new title to maintain interest. Some games lasted months; others only a few weeks. A small operator with 5 locations who changes every 2 months the machines, thus needs to buy a new pinball machine every 10 months so every location has a 'fresh' game. Reinstalling a game at a location where it had previously been placed often led to poor earnings.

Sales of new machines were handled by large distributors. Williams would announce a new title, and distributors ordered based on what they thought they could sell, often before seeing or playing the game. Popular games stayed in production longer, allowing for additional orders. Once production stopped, it was final. The factory was retooled for the next title.

In the 2000s, Stern changed this type of ordering. If they received enough orders (typically 50 or more), and it’s technically feasible (license valid, parts available), they’d rerun older models.

Used machine prices depended on age and condition. Newer games cost more. Popular titles had slightly higher prices due to demand and earning potential, but all were significantly cheaper than their original retail price. The used market was limited, few private buyers and plenty of supply from operators.

More recent games were rarely sold to private individuals. They were too expensive, and operators preferred to keep them for their own locations. Operators want people to pay to play on location machines, not to buy a new game for their home and never spend a quarter on location again.

Changing Market Around 2000

Around 2000, things changed. Fewer operators were buying games. Williams had stopped pinball production in 1999. Stern was the only manufacturer, but their early titles weren’t popular. Initially, supply was low and demand was low. Then demand from private buyers began to grow, slowly at first, then rapidly from 2003 onward.

Pinball ownership surged. Compared to a few years earlier, there were now 20 to 50 times more private collectors. People who had played pinball in their youth were now settling down and buying machines for their homes. Not only the games they remembered (like Addams Family and Twilight Zone), but they also became interested in the new games that Stern released. Prices for popular used games began to rise.

Since around 2010, most new pinball machines are bought by private owners, not operators. Stern responded by releasing Limited Edition models for collectors, while Pro versions remained aimed at operators.

Medieval Madness: a pricing exception

Medieval Madness is a unique case. It never followed the traditional pricing trend. Demand has always exceeded supply. Used machines often sold for more than new ones. Many people don’t understand why.

MM is fun to play, but not necessarily twice as fun as Attack from Mars, which has similar gameplay and production numbers. So why is MM so expensive?

The short answer is: supply and demand.

Medieval Madness was extremely popular from the moment it became available to operators. The game earned exceptionally well on location, better than any other pinball machine released in the years before it. Every player liked it from the first game. It performed well across all types of venues: bars, movie theaters, skating rinks. That’s the key difference: its universal popularity and consistent earning power.

Initial orders for Medieval Madness were probably not very high. Pinball was losing popularity in bars, and fewer operators wanted to invest in new machines. Nothing had indicated that MM would outperform other titles. In 1997, the US dollar became stronger, making machines more expensive in Europe. This may have reduced initial orders, as some operators skipped it due to the price increase.

I’ve heard that MM was even never officially imported into Belgium. Many units were shipped to Germany and France instead. Williams’ previous game, NBA Fastbreak, had not been a success. More machines were produced than sold, and it was even closed out at the Pinball Expo later that year. Distributors still had unsold inventory when MM arrived, so some didn’t even tell customers there was a new machine available, they were trying to push their remaining stock of NBA Fastbreak instead. This strategy hurt MM’s initial sales.

Demand for MM built slowly. Only after the first batch was delivered and placed on location did operators notice how well it earned, not just in the first week, but consistently. Earnings were high, the game didn't drop in earnings after a few weeks. Players kept putting coins into this game. Operators who had bought one or two wanted more. Others heard the stories and wanted one too. Distributors received new orders for this spectacular new title.

Then something went wrong. We’ll never know the exact reasons, but Williams decided to stop the production run of MM when Cirqus Voltaire was ready to go into production. Some say they wanted to teach distributors a lesson for not pre-ordering enough and waiting too long. Others cite internal politics or the growing focus on slot machines, as Williams closed their pinball division two years later. A sudden popular and good selling pinball game could have changed the relation between the two departments ? Whatever the reason, production stopped despite strong demand.

Only 4016 units of Medieval Madness were produced, whilst they allegedly had orders for more games. Some distributors received only half of what they ordered, while new orders kept coming in. Even when Cirqus Voltaire ended its run a few months later (with only 2,704 units produced, and remaining models had to be discounted to be sold), demand for MM remained strong. Williams considered an extended run of 1,000 units, but didn’t receive enough commitments.

The hype around MM didn’t start with collectors, it began the moment the machine hit the market. Some large US distributors even offered to buy back MM machines from operators at the original sale price, knowing they could resell them easily. Most operators refused, they knew they had a golden goose.

Early Collector Market

In the first few years, a few collectors got lucky and bought MM cheaply from operators, but these were rare exceptions. Around 2000–2001, prices started to rise. More home owners wanted this legendary game. Dealers realized they could charge more. MM was still relatively new and in good condition. Every operator knew its reputation and wouldn’t sell it cheaply.

Supply was low. Sometimes you had to search for months to find one. Prices were around 3500 to 4000 euro, similar to a new Stern machine at the time.

Medieval Madness became the answer if someone asked: what's the best game on the market? That's a question a lot of people ask when they're new into a hobby. What's the best? and the only focus on that title.

I’ve heard the high price trend started in Germany. One dealer (or several following his lead) decided not to sell MM for less than 4000 euros. This quickly became the standard in Belgium and the Netherlands, as buyers had to go to Germany to find one for sale.

Exceptions existed. I know someone who bought an MM for 800 German marks around 2000, a once-in-a-lifetime deal. In France, smaller operators unaware of international pricing sometimes sold MM cheaply. One buyer I know found an Addams Family and Medieval Madness for sale, bought both, and sold the MM in Belgium for the combined purchase price, effectively getting the Addams for free. So not every MM was 4000 euro, but if you found one cheap you could easily make a profit if you wanted to.

2003–2007: More Supply, Lower Condition

Between 2003 and 2007, more MM machines became available in Germany and Belgium. Prices dipped slightly to 3000 - 3500 euro. Many were heavily worn, some with over 100,000 plays. Damaged playfields, weak mechanisms, and faded artwork were common. This explains the relatively lower price. Any other title in such a condition would've been parted out. Dealers had multiple units for sale, some 5 to 10 machines, as more and more became for sale as they reached the end of their commercial life.

Despite their condition, demand remained strong. Even trashed machines sold for high prices. Collectors still wanted that magical machine, and as more spare parts became available, these worn out games could be restored into brand-new condition again.

10 MMs ready for export to Australia. Picture by Bill Chavez.

These worn out games do influence how some people think about MM. Sometimes you hear someone played a few games and don't like it or understand why it's considered to be so great. But you really have to play one in good condition. Most games you'd find are in such bad condition it's a miracle they still earned money and were even a little bit of fun to play. When you can hardly make the ramp shots, you won't enjoy the gameplay. A well-maintained unit offers a vastly different experience.

Post-2007: Prices Rise Again

Since 2007, prices have increased again. The supply dried up. Almost every MM is now owned by a collector or dealer. Operators who still have one refuse to sell. Demand keeps growing. Every serious collector wants to own an MM, if only to say they had.

Collectors who started with one or two cheap games often upgrade to more expensive titles. Medieval Madness is always on top of the wish list.

At the same time, restoration became more feasible. New cabinet decals, ramps, plastics, and even complete playfields became available. A trashed machine could be rebuilt to better-than-new condition.

This gave rise to a new type of collector. Before, most pinball home owners were enthousiastic players. Condition didn't matter, or they lacked the financial resources. Now a new group emerged, those seeking pristine, museum-quality games, and with enough money to spend. I've personally seen people enter this hobby and spend over 50.000 euro (and sometimes double) in a few months time. Willing to pay premium prices, they drove up the market value of restored MM machines. While worn units might still sell for 3500 euro, top-condition examples fetch 7000 euro or more.

New Stern titles also influenced pricing. As Stern’s Limited Editions climbed in price, MM followed suit. Buyers willing to spend 5000 euro on a new game were equally willing to pay that for a legendary classic.

2019 and later

Medieval Madness pinball machines are now made new under license by Chicago Gaming Company. It's possible to buy a brand new 'MM remake'. Prices are expensive (over 10000 euro) but you get a brand new machine for that price. And compared to the new-in-box prices of other manufacturers, this remains a balanced price/quality.

MM became popular again for the new generation of pinball collectors that have entered the hobby in the past decade. The hobby has expanded exponentially since around 2015. New players only know (and collect) Stern games, the WPC games for them were old and uninteresting. The CGC remakes of MM, Attack from Mars and Cactus Canyons changed this, bringing classic games into the homes of new collectors.

Is Medieval Madness worth it?

Whether Medieval Madness is worth its price is a personal decision. But now you have the full context behind its enduring popularity and premium valuation. I love mine and don't regret buying it back in 2001 for 4000euro. Every visitor seems to like this game most of my whole collection, it's fun and approachable for everyone, but difficult and complex enough to stay challenging for advanced pinball players. Whilst gameplay can't compare anymore to the complicated rules and strategy of the most recent Stern games, MM remains the best game of the Williams / Bally era.

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