Q: Does the law require the confiscation of assault weapons and high-capacity ammunition magazines that were lawfully possessed prior to the date of enactment?
A: No. The law bans the manufacture and importation of assault weapons and high-capacity magazines as of September 13, 1994. Existing weapons and magazines are "grandfathered," meaning that such items lawfully possessed prior to the bill's effective date may be retained, sold or transferred to anyone who is legally entitled to own a firearm.
In the months leading up to passage of the ban, gun manufacturers, eager to exploit the impending "endangered" status of these firearms, boosted their production of assault weapons by more than 120% and raised prices by an average of 50%. For example, production of the AR-15 increased by 70% over previous years, from 38,511 to 66,042, and production of Intratec assault pistols tripled, from 33,578 to 102,682. At the same time, prices for the AR-15 and its duplicates more than doubled, while prices for unbanned pistols remained virtually constant. Once the ban took effect, prices fell back to 1992 levels.[1]
