I believe it depends. I breed so papers and bloodlines are important to me as well as temperment , confirmation, good bone and feet. I believe preserving bloodlines and having a consistant structured breeding program. I do not believe in "fad" type breeding. I believe in the quality of the animal I am breeding so as would it be something I would want own. I do it for the love of the animal , not the money. I stay small and focused.
As far as unpapered horses they can be equal in value if trained properly. I do own horses that I had purchased knowing they did not have papers but I do not breed them. Some people selling unpaperd animals do not care or do not know how to paper the animal, thus yet another slips through the cracks joining the ranks of yet another grade type equine. This does not make them any less as good of horse , since a horse is what you make him. For the typical "down the rode" rider papers then do not really matter. That is unless you wish to know your animals heritage. Certin traits and temperments can be predicted in knowing these things.
One of my "grade" horses has been a trusted partner and friend for over 22 years. When I bought him he was considered an unsaledable horse , due to behavior problems from bad attempted training. He could have been papered but by the time I found his sire and dam he was 8 years old and I was not willing to fork out the hundereds of dollars for the papers at this point. I just could not show in a AQHA show.
He was very athletic and I never gave up on him and kept teaching him different things. We have shown open and rodeo'd for years , he headed steers, done trail , barrels , poles , keyhole , pulled wagons and carts, done TV comercials and parades, hunted off him, drug or slung deer over him, he saw myself as well as my daughter to our first trophies, gave countless children and adults their first rides , climbed any trail crossed any river I asked of him and put up with me and our three day wagon strings and camp outs I even taught him a couple simple tricks. All I know is he done these things very well and willingly, we have many memories. He turned 25 March of 09 . He still looks great and still thinks he is 5!
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