THE OTHER RACE: WHICH BUTTON WILL TRIUMPH DOWN THE ROAD?
By Holly Wheelwright

(MONEY Magazine) – In a year with so many candidates, choosing which campaign buttons to store in the attic can be even more difficult than predicting the next President. The election will be decided in November, but only posterity can determine whether any of these pins will eventually reap a windfall. Who would have guessed in 1920, for instance, that a few of the buttons boosting the unsuccessful presidential bid of James M. Cox and his running mate, Franklin Delano Roosevelt, would end up being the most sought-after U.S. political pins? Today, scarcity and F.D.R.'s standing in the history books have pushed prices to $3,500 for one with both their pictures. ''Politicians have a way of coming around a second time,'' notes Ted Hake, publisher of three price guides, Political Buttons Book I 1896-1972, Book II 1920-1976 and Book III 1789-1916 (Hake's Americana & Collectibles, P.O. Box 1444, York, Pa. 17405; $21.50 each). The implication: Jack Kemp, Pat Schroeder or any of the other '88 dropouts could resurface later and transform their old buttons into gold. There are contrarian plays too. Harry Truman's small 1948 campaign chest meant scrimping on buttons, and he wasn't supposed to win anyway. . . Now some pins with his likeness go for $50. Other enduring favorites include Theodore Roosevelt (top price $500), Dwight Eisenhower ($200) and John Kennedy ($200). The first buttons of all -- hailing William McKinley in 1896 -- now command up to $1,000. To improve your chances of picking a winner in 1988, squirrel away at least one from each candidate. But don't settle for any old button. ''Look for interesting and lively design,'' advises Edmund Sullivan, author of Collecting Political Memorabilia (out of print but due for reissue in '89). Bright colors, pictures of the candidates or special art enhance value: the 1908 Taft button (shown at left), featuring a trumpeter by American artist Maxfield Parrish, fetches $300. Also seek novelties such as the 1972 McGovern concert button showing Barbra Streisand, James Taylor and Carole King, now worth $35. For longevity, choose the so-called celluloid buttons that print the design on paper held over a metal mount by an acetate cover. Lithographed metal buttons tend to be less collectible because they are made in mass quantities, don't offer as wide a range of colors and scratch easily. And preserve your buttons in pristine condition. As few as 5% of them reach collectors' hands unscathed, says Mort Berkowitz, whose New York City company, Bold Concepts, is a leading maker and designer. Buttons are usually free at campaign headquarters and cost $1 to $4 on the street. But they can soar higher at the national conventions, where hawkers and collectors abound. ''Depending on the course of events,'' Berkowitz warns, ''a $2 button can rise to $50 on convention excitement alone.'' But don't get carried away. After the last hurrah, prices usually settle back to their pre-convention level to await the judgment of future years. Only if the candidate goes on to greatness can you begin to look for 5% to 10% annual appreciation -- realistic goals for the most desirable memorabilia. The best market tracker is Keynoter, the journal of American Political Items Collectors, P.O. Box 340339, San Antonio, Texas 78234; annual membership is $20. And if your favorite candidate just can't seem to win no matter how hard he tries, don't despair. Collectors can develop a soft spot for some losers too, as the prices for buttons of Adlai Stevenson (up to $300) and William Jennings Bryan (up to $1,000) attest.