There is a general perception that as librarians, we know what constitutes and defines a rare book, that our heritage book collections are well-documented and their future survival is planned for and secure. This discussion paper asks whether our definitions of heritage material might be too narrow and whether they reflect the reality across all library sectors. While planning for our digital future is a priority at both state and national levels, there is less evidence that the heritage value of many of our book collections has been properly identified, let alone managed. Current practices, policy approaches and the influence of the academy are explored and suggestions for how we could identify and manage this important cultural heritage are put forward. (Contains 13 footnotes.)