Vintage Cars: Original cost of a 1951 Mercury Monterey convertible, mercury monterey, automobile pricing

Question
Hi Jeff,
During a recent visit with my Grandmother, she was reminiscing about a Mercury Monterey convertible she had bought new back in 1951. She loved that car and got to wondering what the car would be worth now if she would have kept it. In addition to that she was also trying to remember what she paid for the car.  I was able to find a ballpark figure for what the car would be worth today, however I am not able to find out what the car would have sold for brand new in 1951. Is there a chance that you would know approximately what the sticker price would have been?
Thanks so much,
Respectfully,
Sherry


Answer
First a word about automobile pricing in the late 40s and early 50s.  There were no "window stickers" like we see today; manufacturers did have suggested list prices, but it was up to the integrity of the dealer to accurately tell you what they were.  A small panic ensued in '51 as the war in Korea escalated, causing the public to become afraid that automobile production might become curtailed as it did after our entry into WWII.  

Now, the list price issued in October of 1951 for a Mercury convertible of that year was $2642, but I tell you all this to let you know that your grandmother most likely paid more than that.  When you also consider that Mercury built only 6579 convertibles that year, the rarity of a high-profile model like a convertible means they went to the highest bidders.