A specific submachine gun, originally manufactured by Military Armament Corporation, configured for fully automatic fire, which is legally registered and thus may be transferred to private citizens in accordance with federal law. These firearms are subject to the regulations of the National Firearms Act (NFA). An example would be a MAC-10 that was manufactured before May 19, 1986, and properly registered during the NFA amnesty period or subsequently transferred through legal channels.
The importance of these firearms stems from their historical significance and collectibility. Because the Hughes Amendment to the Firearm Owners Protection Act of 1986 severely restricted the registration of new machine guns for civilian ownership, the pre-1986 examples became a finite and therefore potentially valuable commodity. The market for legally owned machine guns is thus distinct and impacted by supply and demand dynamics significantly more than other types of firearms.
