His collection does, however, show the progress of casting technology.
"The older ones have curved spokes," he says. "They couldn't cast a straight spoke in a gear until 1910. Before then, if they made a straight spoke, as it cooled, it cracked. But the curved spoke had some 'give' in it."
In 13 years, he's seen his collection grow to numbers he never expected.
He has no daydreams about getting rich off of old iron. But he has seen values rise.
"I bought my first grinders for $5 to $7 each," he says. "The most I've paid for one is $90. Generally, you'll pay $35 to $40 for grinders at shows."
Gailey's grinders are left basically as he finds them.
"I do free them up so they'll work," he says.
Most of those he finds need some attention.
"Typically, you'll find a complete grinder, but a piece will be broken," he says. "You're pretty much out of luck when it comes to finding parts. I've made chains myself to replace broken or missing ones."