I agree with Dave...
Matching Numbers means that the VIN (partial) matches between the car and those parts that had the VIN; engine block and trans. Of course, everything else should also be the correct casting numbers and dates too...
Those "matching" VINs are what make those piece the one and ONLY original for that particular car (except for forgeries)... Being the original part is why the value is great, because its not as common. Part broke and were replaced over the 40+ years these cars have been around... So finding the one that has its original components isn't always easy.
Since "matching numbers" usually makes the cars worth more because its more desirable with collectors, often sellers will use that term (matching Numbers) to market their car for more money... Some people use "date correct" components, some use correct castings, but NONE of these are the original, "born-with" parts...
Heads...
There can literally be thousands of "correct heads" out there... Figure if its a 325 or 360 HP car (#702 heads), then there were over 70,000 Chevelles using those parts (72,272 SS cars, plus 1,800++ El Caminos, minus the 3099 L78s)... Thats almost 6,000 heads per month... So figure a 2 month window for "correct" dates, and thats 24,000 heads that could be considered "correct"... And that doesn't include the Corvette and Impala/Full-size cars that used the same castings...
Copious said:
a frame up resto 20 years ago selling for 31k
I thought it was a 10-year old resto?
$31K for a NON matching number convertible, with and older resto... Doesn't sound like a bad price, ASSUMING its solid and "correct"... Didn't you also mention it was a 4-speed?
As long as that 138 VIN hasn't been played with, and its solid, then $31k doesn't sound too bad... If it a bondo bucket, or hastily bolted together crap, they maybe not...
Even though a non-matching numbers car won't reach the value of matching, it should still hold its value pretty well...