Two pages in the 1961 Fall / Winter Montgomery Ward catalog cover rebuilt typewriters that the department store was offering through catalog - mail order only.  These pages are a proper example of how such machines should be advertised.  Let's look at the central, header material on the pages.

RECONDITIONED TYPEWRITERS FOR 3-WAY ECONOMY

1. Cut Overhead     2.  Big Machine Competence at Low Price     3.  Utility on Easy Terms

--What does "Reconditioned Typewriter" mean at Ward's?

1.  Factory Disassembled ...Every typewriter is disassembled at the factory for full reconditioning.  Working parts are inspected for wear.

2.  Scientifically Cleaned ...Disassembled machines are chemically washed of all dust, sediment, dirt.  Clean parts insure smooth operation.

3.  All Worn Parts Replaced ...All broken and excessively worn parts are replaced with new parts.  All rubber parts are also new.

4.  New Modern Plastic Key Tops ...Old key tops replaced with new plastic tops for a handsome appearance, more comfort in typing.

5.  New Baked Enamel Crackle Finish ...All painted parts are refinished to protect machine, add to its good looks.

6.  Quality Workmanship ...Every reconditioned typewriter sold here assembled, rigidly inspected by skilled, factory-trained mechanics.
Here is a row of machines as seen in the catalog quoted above.   Note that the machines are clearly relabeled after repainting to indicate what they are.  It should be noted also that they are advertised in the catalog by their ORIGINAL model numbers; for example, on the left "Smith Corona 7-A."  No attempt is made to deceive the buyer into thinking that the machines are not secondhand, not rebuilt; the original model is clearly indicated.

Of course, the original advantage of these rebuilt machines was their LOWER price.  We see prices in this row from $69.95 to $108.95.  At about this same time, the brand-new Underwood Touch-Master Five Standard in the basic model cost $245.00; the Royal Model FP Standard in its basic trim cost $225.00.  The advantage is obvious!

The official ROYAL LINE BOOK in our collection gives various trade-in allowances for various makes and models of typewriter and gives values from $10 up to $75 for the age range of Royal standards, if used for trade-in, from serial 2,273,500 (1939 KMM) up to 7,120,000 or over (which would have been very new when this book was issued in 1962.)  However, the trade-in credit for any REBUILT Royal, no matter the serial was only $10 or the same as a Royal over 20 years old.  Did this mean that Royal couldn't get much out of the rebuilds - even parts?  Perhaps.
It's fairly obvious that in the actual marketplace for working typewriters the rebuilt machines both cost less to the buyer and were worth less when traded in.  This overall lower bracket of price and value is rarely explored but from the number of obviously rebuilt machines extant even today was certainly measurable.

Of course, it's been many years since typewriters were vital parts of modern commerce and business, and those that are left are many times given consideration in "antique" terms rather than in the terms in which we've investigated them on these pages so far.  In the "antique" world, original condition is everything; many people refuse to do anything like rebuilding of truly valuable machines.  Indeed, antique purists would have them left just as found, or "as-is."  This is (they feel) the only way that the machines retain their real value.  Sure, you can dust 'em off, but not much more with this thinking.
Rebuilt Woodstock No. 5 / Will Davis
If we apply this "antique" thinking, then, it seems obvious that rebuilt / modified / repainted machines today should not be MORE valuable - they should be LESS!  After all, fully operational intact top-notch machines found AS SUCH should occupy the highest price bracket since they still can be found.  That would mean that they're in great shape without any work.  If you repaint any of the machine, applying "antique market" thinking the value plummets! 

Now, today we have to remember that if we want a machine to USE, we need it to be mechanically sound.  If it is broken, we need competent repair.  That can cost you; the number of people who still can do this work well is getting smaller, and most of them are in some other kind of (more lucrative) business so that they must charge enough by the hour to make some kind of money.  And, they must also be ready to fabricate parts if necessary.  For the sake of appearance, a machine may be repainted or at least touched up, and this is certainly needed to prevent rust.  But these alterations / modifications are known to the buyer if he/she has it done at a local typewriter shop.  You know what color the machine was when it went in, and what color it's going to be later if it's to be repainted a different one.
We have restored and partly rebuilt a number of typewriters here.  Here are before and after shots of a Rex Visible No. 4 we did last year.  Machines are disassembled as far as necessary; broken parts replaced (often with new parts fabricated on site.)  Adjustments are made, machines cleaned and reassembled for display or use.  At no time were any relabeled, disguised or repainted.
I hope these pages have provided you, the readers, with all the information needed to understand what the rebuilt typewriter business really was, and IS, all about - and how this can be done ethically.  I hope you understand the possible deceptions out there and are now well-armed to avoid them!
Remington Noiseless / John Cashton collection

A further example to help you look all around a machine that isn't "quite right."  This Remington Noiseless has black keytops and crinkle paint, but openings in the frame.  It also has the oldest control layout; and if we turn it around, it's clearly labeled as "Rebuilt at Remington Noiseless Factory."  It's actually a No. 6 rebuilt with new keytops and new paint, and a paper table too!  Whenever something overall seems wrong about a machine, often you can look closely for labeling and find that it's right after all.