What is a 78 record?
Any flat disc record made between about 1900 or so and the late 1950s and played at a speed around 78 revolutions per minute is called a "78" by collectors. Most 78s are made of a remarkably durable (they play with a steel needle exerting nearly 4oz. stylus weight!) yet brittle (drop or sit on one and it will crack into pieces) material which uses ceramic mixed with a shellac resin (I have been told in Spain they are referred to as "discos de piedra" or "stone records").
These records were made before the advent of equalization curves or multi track post processing - what you're hearing is in effect a "live" recording, although usually made in a controlled environment. Cool cultural artifact: the reason most popular songs last for three to four minutes, even now in our digital world, is because that's how much recorded sound would fit on one side of a 10-inch 78 record. We're portion-controlled by long-obsolete technology.
Why 78 rpm speed?
At first the speeds were not standardized but ranged between 65 and over 100 rpm, but in the early 1900s most were recorded and played at 78rpm. The recording speed chosen was a compromise between playing time, and fidelity of reproduction (faster = better sound quality but shorter playing time- it's a constant angular velocity thing).
What's the difference between a 78, an LP, and a 45?
While a 78 is brittle and easily broken, both the LP (Long Playing) record and the 45 rpm single are made from vinyl plastic which is flexible and unbreakable in normal use. Vinyl is a softer material however, so vinyl records are easily damaged by anything but careful storage and handling; a dusty old 78 unplayed for decades can be wiped clean and played successfully. 78s were pressed in a variety of sizes, the most common being 10 inch and 12 inch diameter, and these were originally sold in either paper or card covers, generally with a circular cutout allowing the record label to be seen.
I've found a pile of 78s in my attic. How much are they worth?
Monetary value depends on what another person is willing to pay ("commodification" - I think that's the word). Most common 78s are extrinsically worthless - the music they contain is available in higher fidelity and often streams for free online, which is good news for those starting out as collectors, or those who simply seek to listen. Seasoned and serious record collectors avoid common records, and look for rare items in near- mint condition (no chips, cracks, or audible scratches) - a few pre-WWII blues records have traded hands for many thousands of dollars. The 78s in your attic are almost certainly of the common variety, but it doesn't hurt to google around a bit - you may strike it rich!
How can I play my 78s?
You have a few options: a wind-up phonograph (also known as a gramophone, Victrola, talking machine, etc.), a hi-fi system, or an inexpensive mass-market "retro" styled record player.
For an authentic vintage sound, most collectors have at least one wind-up phonograph. Most phonographs were manufactured with their amplifying horns concealed inside their wooden cabinets - the classic outside-horn machines went out of fashion early on because customers preferred something that looked more like a piece of furniture than a laboratory instrument. Genuine phonographs, those made by the well known companies such as Victor and Columbia, were built to last and many just need new grease on the motor springs and gears, fresh gaskets and bushings in the reproducer, and will sound as good as new. Wind-up phonographs use steel needles, which should be replaced after each record has been played (the steel of the needle is actually softer than the shellac record and will quickly become too dull to play without doing damage to subsequent records!); needles were difficult to obtain for many years, but thanks to the world wide web, these and other parts for old phonographs are but a click away.
When looking for a phonograph, be aware that there are a large number of fake "horn" phonographs - these are made in Asia, from parts of old machines, cheap wood cabinetry, and usually a shiny brass flower-shaped horn; these fakes look wretched and sound even worse.
If you want to play 78s on modern hi-fi equipment, then you need a turntable with the 78rpm speed and a cartridge fitted with a 78 stylus (the grooves on a 78 are wider than those on an LP or 45 record, so a 78 won't sound its best when played with an LP stylus).
The retro-styled record players available at mass-market stores (Target, JCPenny, etc.) in the US are the bane of almost all phonograph enthusiasts and audiophiles. Yes, they are made cheaply and look cheesy. But they will do a respectable job of playing a 78 record (and LPs, and 45s, and some can even play cassette tapes and/or CDs!). For a price of less than US $100, you can buy one of these and listen to your old 78s to your heart's content. Enjoy I say!
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