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More than 120 guns - including pistols, assault rifles and submachine guns - are believed to be in the hands of criminals after the collector who owned them admitted illegally selling restricted firearms.
Coromandel man John Noel Mabey was to go to trial this week when he pleaded guilty to selling and supplying 30 restricted firearms between January 2005 and July last year.
The 43-year-old had reported 132 guns stolen from his Hot Water Beach home last July, but was arrested in September when police said he fabricated the story.
Despite changing his plea on Monday, Mabey was yesterday standing by his claim the guns were stolen.
"There's a bit involved in it, things aren't as clear-cut as you think," he said.
Only nine guns from Mabey's collection have been recovered and police want the remaining 123 returned.
"We suspect, as we always have, that they have been sold on the black market to criminals," said Detective Constable Alan Lee of Thames CIB.
Mr Lee said all of the guns recovered so far had been pistols, and two had been used in "crimes against police". He would not elaborate, but confirmed the missing guns included five submachine guns, three military-style semi-automatic rifles, handguns, revolvers and World War II pistols.
"We believe the bulk of them are in operating order."
Police held an amnesty for the return of the guns last year and although that had now expired, Mr Lee said police would accept any of the weapons or information leading to their recovery anonymously.
Mabey is suspected of illegally selling all 132 guns but was charged only in relation to 30 because police knew who had received those guns.
Mr Lee said Mabey could face further charges if new information was uncovered.
Mabey said his claim that the weapons were stolen was correct.
He would not say why he changed his plea, or comment on whether he was working with police to retrieve the missing weapons, saying he was under instructions from his lawyer.
Asked if he knew whether the guns were now likely to be in the possession of gang members, he said: "I have no idea mate, none whatsoever."
Police said Mabey was not a gang member and had no criminal record. He will be sentenced on September 5.
