Beginners need only a small amount of test equipment to get started in the hobby.  As your experience and budget grow you will probably want to add more gear.

Here is what I suggest the beginner needs to start a shop:

• High impedance multimeter - either a modern digital or analog FET-input meter or a multi-purpose VTVM (Vacuum-Tube VoltMeter).  A simpler 20,000 ohms-per-volt multitester is usable (and cheap) but a high-impedance meter provides accurate measurements of low voltages.  I don't suggest autoranging meters - they can be a nuisance in some circumstances.  Good quality digital and analog meters can be found at Radio Shack, Tech America (you can buy their catalog at Radio Shack) and MCM Electronics (ask for their free catalog), as well at parts houses, starting at about $60.00.  You can often find good used meters at swap meets and hamfests, or your Elmer may know someone who has a used meter for sale.  A good old VTVM will do nicely (I have three in the shop) but if you find one at a swap meet you will probably need to have your Elmer check it out, and repair and calibrate it for you.  I prefer an analog meter - if a signal is varying a digital meter will drive you nuts where an analog meter provides a useful indication.

• RF signal generator - a simple generator (Heathkit, EICO, RCA, Conar and others made many of them) is fine for radio testing and alignment.  If you buy a used generator you may need to help from your Elmer to get it working properly (and to show you how to use it).  If you can afford to buy a new generator you can find them starting at less than $200.00 from Tech America or MCM.  Note that you need a generator with a built-in AM modulator - function generators are nice but ones with built-in modulators start at about $500.00.

• Mutual conductance tube tester - you won't find one of these new, but there are plenty of used ones popping up online and at swap meets and hamfests.  A good 500- or 600-series Hickok will probably cost about $125.00 - maybe less.  Be sure that yours comes with a book or roll chart with the settings for the different types of tubes.  Be sure that it has sockets for the tubes you will need to test - most Hickoks will handle everything from 4-pin battery set tubes of the early '20s to 7- and 9-pin miniatures used through the '60s.  Avoid the simpler emission-type testers and those used in drugstores.

• Isolation transformer - if you work on AC-DC sets where one side of the line is connected to the chassis this is a must for safety.  I use mine on every set - leaky line filter capacitors can make any chassis hazardous.  Try to find a used one - new isolation transformers complete with line cord and outlet start at about $70.00 from Tech America, MCM and Antique Electronic Supply.

• Variable autotransformer or substitute - when powering up an old chassis for the first time it is wise to have some way to gradually raise the line voltage to the set a little at a time.  Old hands use a variable autotransformer (Variac and Powerstat are two brands), and you can find them used online or at meets.  You may have to add a cord and outlet, and a cabinet for safety.  MCM has them new for about $100.00.  A perfectly good substitute that is cheap and easy to make is the "Dim-bulb Radio Tester" - learn how to build and use one at Phil's Old Radios.

Here are some items that the intermediate radio hobbyist should consider owning:

• A signal tracer is very useful, but need not be elaborate.  The Radio Shack 277-1008 mini audio amplifier works well as an audio signal tracer, and with the addition of a simple demodulator probe can be used to trace RF and IF signals.

• A resistance-capacitance bridge that tests caps at full working DC voltage is very useful for testing old electrolytic and wax-paper caps.  I seldom use mine since I routinely replace all of those caps during a restoration.

• An oscilloscope is a valuable tool for someone experienced with the use of one, especially a modern 'scope like my Tektronix 453 - I have used an oscilloscope almost daily at work for many years.  My 'scope is overkill for most people - a basic 5 MHz Heathkit or EICO 'scope is fine for AM radio work.

• Assorted tube socket test adaptors (these let you make measurements on a tube from above the chassis - they are hard to find but can be made from junked tube sockets and bases from dead tubes).

As an example of what the advanced hobbyist might have in the shop here's the equipment that I use.  Note that this is only a part of my test equipment collection - some of the rest is shown on my test equipment pages.  Highlighted links will take you to photos and more complete descriptions:

• General Radio 7 Amp Variac (in a custom enclosure with voltmeter, ammeter and fuses)

• RCA WP-26A TV Isotap Isolation Transformer

• Hickok 533 Dynamic Mutual Conductance Tube Tester

• General Radio 361-B Vacuum Tube Bridge (for highly accurate determination of tube parameters)

• General Radio 605-B Standard Signal Generator (A standard signal generator is a precision device that includes meters for output voltage and modulation.  It delivers a signal with measured output and modulation levels and is used to measure receiver characteristics such as sensitivity and selectivity)

• Tektronix 453 Oscilloscope (a compact 50 MHz dual channel 'scope with modern features such as delayed triggered sweep and alt, chop and add modes)

• Protek B2000 Frequency Counter

• Rider Chanalyst with RCA UHF Converter (a classic and innovative serviceman's instrument from the man who gave us the Rider manuals)

• Hewlett-Packard 400H AC VTVM (accurately measures AC voltages from 10 Hz to 4 MHz and from 1 mv to 300 volts)

• Hewlett-Packard 412A DC VTVM (also measures DC current and resistance)

• Hewlett-Packard 410B VTVM (measures AC voltage to 700 MHz, DC voltage and resistance)

• EICO 145 Signal Tracer (for audio and radio frequencies)

• EICO 950B Resistance-Capacitance Comparator Bridge (a very useful feature is its ability to measure capacitor leakage at up to 500 volts, and it can be used to reform electrolytics)

• Conar 280 Signal Generator (this simple generator is used with the GR 605-B for blocking tests)

• Hewlett-Packard 651A Test Oscillator

• Hewlett-Packard 350B Attenuator Set

• Hewlett-Packard 334A Distortion Analyzer

• General Radio 1608-A Impedance Bridge (for highly accurate coil and capacitor measurements)

• Millen 90651 Grid-Dip Meter (for checking tuned circuits)

• RCA 171 Station Allocator (for setting push-button station selectors)

• Triplett 1167-A Set Tester (great for working on old sets that have set tester measurements in the service info)

• Hewlett-Packard 712A Variable Regulated DC Supply (provides battery set B and C supplies)

• Electro D-612 T Variable DC Supply (provides battery set A supply)

• Universal Shop Speaker and Dummy Field Coil (a custom-built substitute for electrodynamic speakers) - you can build your own.