The best alterative to owning rare Mardi Gras gems is to collect Henri Schindler’s four-volume “Mardi Gras Treasures” series (Pelican Publishing Co., 2000-06).

Interest in collecting Mardi Gras memorabilia has exploded in recent years, with items from the 19th century bringing top dollar at auctions and on eBay. Demand is high, while supply, ...