Lee Enfield no4 mk1 rear sight question

Your rifle has the 300/600 sight. This was the original sight for much of the No. 4 rifle production. Catch is that if the sight is set up as intended, the 300y aperture will result in the group being about 7" high at 100y. Early and later rifles had adjustable sights.
If your rifle is like other Tradeex rifles I have seen, it is all original, and was never refurbished or upgraded. From a collector's standpoint, this is good.
You can install one of the adjustable sights. These will have a fixed battlesight (back to the 300y zero situation), plus an adjustable leaf. The adjustments may be either a slide with stops, or click adjustments with a knob. No windage. The click adjustable Mk. I sight might be preferable, also costs more than the slide adjustable ones. There are some of the latter in the EE right now.
Elevations are matched to the sight calibrations by changing foresights.
You can also find serious target rear sights, or an attachment for the Mk. I sight that provides for windage.
 
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