There's no argument that the water bath/metal lid method is safer and more reliable. But it can't be used for beautiful old recipes like the ones for sun-cooked strawberry preserves, which are cooked just long enough to draw out the juice, then set in the hot sun to gel with no further cooking. (Made with wild strawberries--a revelation. Unfortunately, improving the pastureland meant the end of our wild strawberries and the end of sun-cooked jam.) For a jam like this, you'd want a paraffin cap (or a refrigerator).
Paraffin can be used and works quite well for high sugar items like jelly or jam. My grandmother stored jams this way for months---that is, a season's worth of preserving. (Years not recommended!) The trick is to make sure that you get the edges waxed all of the way around, as even a small break in the seal will result in mold. You must carefully wipe clean the edge where paraffin meets jar. I've used this method in the past but prefer the convenience of rings and lids.
People have used paraffin to seal canned goods for generations, but we can't officially recommend this, as it simply isn't as safe as the processing method. In addition, foods preserved in this way were really meant for consumption within a matter of weeks, rather than months or years.
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A quick primer on why mother didn't always know best (and how to do it properly):
http://nchfp.uga.edu/publications/uga/uga_processing_j_j.pdf