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I'm with a j on this. Despite the fact that it is a "rifle" which would command $700-$800 in 30-30, in the less common chamberings I wouldn't pay that much. $500 tops for me.
 
Difficult without pics.......anywhere between 500 - 1K...........too many variables, wood condition, 100% original or not, sight condition, bore condition............etc...etc...etc......AND 32-40 does increase the price, as fewer were made............
 
Sounds like a standard 1894 sporting rifle unless it has special order features like half, 2/3 or 3/4 magazine, shotgun butt, barrel length other than 26 inches or rapid taper barrel, special sights etc. The .32/40 along with the .38/55 are the most desirable chamberings in the 1894 to collectors. A 94 standard rifle in .30/30 in condition you describe would sell for around $600 to $750, less with worse condition. Without pics it is pretty hard to give an intelligent estimate. Personally I would add 25% for a .32/40 over a .30/30 for ballpark value.
 
You can't put a price on the gun without pictures and more information. . The 32-40 caliber adds a premium to 30 WCF. . So does 38-55 and 25-35.

The 32-40 is difficult to find at best let alone a nice original one. . I looked for years until I found one in excellent condition. . There's a wide difference in value between excellent and good. . An excellent one is rare in itself. . One from 1900 should have the original roll marks on the tang, teardrop hammer and no WP proof marks. . Script, 32-40 and barrel roll marks should be on the top of the barrel and not the left side.

Value? . . . rarity - originality - condition . . 3 three factors when determining value. .
 
I'm not a collector and I look at guns from a hunters point of view.

I wouldn't go over $750 for any Winchester model 94.
They made millions of those things.
I have 3 pre 64 94s in 30 WCF/30-30 Win varying from good to excellent in condition.

What is it worth?
They are essentially worth what someone is willing to pay for them.
Worth like beauty is in the eye of the beholder as long as he (the buyer) has the cash to back up his gun-lust.
 
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