A Savage Situation...

A barely-perceptable barrel ring/bulge isn't really a safety concern. While it may (probably will) affect accuracy, and certainly will influence resale value, I'd say that it is most likely that neither the original seller, nor the shop you bought it from knew that it existed.

I'm thinking that you bought a "pig-in-a-poke" and is a perfect example of the term caveat emptor.
 
I had a couple of rimfires with barrel rings. They seemed to shoot fine out to 50 yds. My buddies dad has it now for critter control. I would clean the barrel regularly if you are going to be shooting it.
Scott...
 
Only way to know is shoot it. It may not be an issue. As long as the crown wasn't cleaned from the muzzle you should be fine. Also had more pronounced rings in barrels in the past and they performed well at 50m. My 2c
 
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