Following World War II, collecting firearms became a popular trend, especially antique cartridge firearms. This field of collecting, and collecting American arms in particular, has become one of the fastest growing since the 1950s. Overall, prices for antique guns have risen over time due to the lack of supply. Q: Would an antique serial number range gun be worth more than an otherwise identical gun made just a few years later? A: Pre-1899 production guns now bring a 20 to 60% premium over identical condition guns made AFTER 1898. Based on market trends, I expect that premium to increase considerably in the next few years.
Federal law does not include 'antique firearms' as firearms for purposes of 18 USC 922.
California law is less forgiving; while transfer may be made without using an FFL, 'antique firearms' ARE firearms for purposes of transfer to and possession by felons, and for purposes of carry and possession by persons who are not disabled by law.
Generically a weapon made in or before 1898
CA Penal Code routinely defines Antique Firearm as those that are defined in USC 18, Sec 921(a)(16). In at least one place, CA Penal Code defines Antique Firearm as 'made prior to January 1, 1899'. In one area, dealing with 'destructive devices', it defines it according to [Section 479.11 of Title 27 of the Code of Federal Regulations.] 
[USC 18, Sec. 921(a)(16)] reads:
The term 'antique firearm' means -
Penal Code 16250 says
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Penal Code 27500 is the prohibition on transfer to ineligibles:
Violation is punished according to Penal Code 27590
Penal Code 29800 is the punishment for an ineligible in possession
Winchester Firearms Serial Number Lookup
Unloaded open carry
For a very special circumstance, the ban on unloaded open carry at PC 26350 exempts unloaded 'antique firearms' through PC 16520(d)(5).