The two guns had been rendered inoperable to be displayed in the club's war museum but manager Steve Hill believed they may have been stolen to be used in an armed hold-up.

"They had no firing pins and had been welded internally but given time and expertise they could probably be made operable again, but it is doubtful," Mr Hill said.

"From my summation they would have taken them to use in an armed hold-up somewhere.

"If somebody points a firearm at you, you are not going to wonder if it is able to be fired or not, you will obviously say, 'yep, take what you want'."

The two guns were stolen about 2am yesterday. Mr Hill said it appeared that the thieves knew what they wanted, because they were in and out in two minutes.

The club had an extensive collection of war memorabilia, including a talking display, which was often visited by school groups and clubs.

"We have got memorabilia from the Boer War and Crimea War right up to the latest conflicts in Iraq and Afghanistan," Mr Hill said.

"(The theft) is just so disappointing, these things mean so much to so many people.

"A lot of the club members have donated these things and there are a lot of personal memories."

Wollongong police have urged firearms collectors and second-hand dealers to be on the lookout for anyone attempting to sell the items.

Anyone with information about the guns is urged to contact Wollongong police on 4226 7899 or Crime Stoppers on 1800 333 000.