A friend has this LC Smith that he gave to me for ID. I would like a guess on as to value. Its an F grade #135032.made in 1903 (Found out from LC Smith site) Forend serial number doesn't match the gun. Not sure about barrells may be twist? Some rust, wood aged but looks nice. One hammer needs fixing.
My answer is based entirely on your description, as you didn't post any pictures. It sounds as though that particular piece doesn't have as much value to a collector as it might if:
- there weren't rust in places
- the hammer didn't need fixing
- the serial numbers were matching
Additionally, those 3 factors are bound to make any collector suspicious of the possibility that other work may be necessary to restore the gun into a condition worthy of collecting.
The problem then becomes that this particular Elsie will cost more, or as much, to restore as it is likely to be worth as a collector.
This means that it's value is most likely determined by it's value as a shooter, which is minimal at best.
As a collector of classic American shotguns myself, I wouldn't be the slightest bit interested in it. As a clays shooter and ardent upland bird hunter, I wouldn't be interested in it, either. My opinion, as harsh as it is, is that the gun's value is as a parts gun to someone who already owns a similar gun.
It is, however, a fairly rare model of Elsie and could hold value to the right collector. If you didn't get offers on it right away on the Elsie Collector's site, that's not likely the case, though.
Bottom line: In my opinion, you'd be fortunate to sell it at any price over $100.00