The billboards and catalogs were covered nicely in Bob Osterhoff's Greenberg's Guide to Lionel Paper and Collectibles. There is a separate chapter for billboards and catalogs are covered sequentially with other paper and advertising items by year.
Though long out of print, the rights reverted to the author and he is offering an updated (2010) version on DVD for $18 plus shipping. You can find it on his website: www. train paper.com.
Bob Keller
In answer to your question on billboards; The only place that lists billboards (and not priced individually), but rather as part of a SET is shown in "Authoritative Guide to Lionel Promotional Outfits" by John W. Schmid, which are the "Uncatalogued Sets" from the 1960's. I think that the only thing to give any value to billboards, would be if they are complete, uncut sheets, and you would have to find someone who wanted them to complete a rare uncatalogued set. A collector would be interested in MINT uncut sheets of billboards, to have any decent value. The billboard frames came 2 ways, as either in a box (commonly found) or in a Blister pack which is rare to find in original condition and demands a high price.
As far as Catalogs, there are Catalogs with prices and rarity listed in the "Standard Catalog of LIonel Trains 1945-1969, by David Doyle"
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