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I wouldn't refinish it. Would use it as is.
With that serial number, I suspect that collectors would be lined up for it, notwithstanding its well used condition.
Bet if you introduced the rifle on a US website, it would really attract attention.

Exactly. There is a very real chance that it is the first 270 ever made commercially and, despite Douglas' protestations, the 270 has a huge following. Given that the rifle is #5 of 50,145 and the predecessor to the revered Model 70, I think more research through Cody is worth doing. Condition of a rifle like that isn't the be all and end all...it's got enough history to make it desirable.
 
The Model 54 Winchester is not near as collectible as an early Model 70 but, as mentioned, the low serial number has interest to some. . .

The Model 54 had some early issues that were somewhat solved as they went along. . As production progressed and defiencies solved, Winchester used the M54 as a fore runner to the venerable Model 70 (1937)

The NRA stock, in the later models, was a big improvement over the early stock. . The trigger, on the early ones, were poor but were improved later on in production. . On the early models there was poor allowance for gas release from a ruptured case. . The sear held the bolt from falling out similar to the 22 rifles. . The bottom metal was not hinged making it a blind magazine. . The bolt handle and safety were not scope friendly.

Some early models were sent back for trigger upgrades, firing pin retainer and gas escape hole drilled similar to the M70 with some M54's drilled on the opposite side of the receiver.


I notice from the pictures the front scopes base holes have been used. . If the rear of the receiver is drilled for scope mount, regardless of the low sn, the interest may fall off dramatically.

Rarity, condition & originality factored into level of collectibilty and state of the economy.
It's an interesting rifle to some but I don't see a high collectible value.
 
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They apparently stopped making the 54 due to high costs to manufacture , The predecessor to the model 70.

The Great Depression probably played a part in that. Remington was making the Model 30 at the same time, an all machined steel rifle - including the trigger guard - with a heavy steel buttplate (at least originally), and a far superior safety and a better looking stock.

Pretty hard to compete with that.

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rem3.jpg_thumbnail1.jpg
 
They apparently stopped making the 54 due to high costs to manufacture , The predecessor to the model 70.

I'd be surprised since the M-70 had refined features that would have increased production cost. The M-70, by contrast, had a separate trigger guard and a hinged floorplate, rather than a trigger guard that was integral with the floorplate, held in place by the center action screw. A bolt stop release lever was added to the M-70, where pulling the trigger released the M-54 bolt. The M-70 receiver was drilled and tapped for both aperture sights, and ne optics that were coming into vogue. The M-70 safety and bolt handle was redesigned to allow for the use of a low mounted scope. An adjustable single stage trigger, replaced the 2 stage non-adjustable M-54 trigger. The M-70 stock design was refined, and the early M-70 steel buttplate was rather intricate. A free floating barrel on the M-70, due to the elimination of the M-54's forend screw, improved accuracy. The Rifleman's Rifle was a significant step forward.
 
The Great Depression probably played a part in that. Remington was making the Model 30 at the same time, an all machined steel rifle - including the trigger guard - with a heavy steel buttplate (at least originally), and a far superior safety and a better looking stock.

Pretty hard to compete with that.

rem1.jpg_thumbnail1.jpg

rem3.jpg_thumbnail1.jpg

Pretty hard to compete with the Model 30, given that the major parts were leftovers from M1917 production.
 
Winchester ended the Model 54 production in favor of the Model 70. . The later years of M54 production Winchester had the M70 on the burner and used the M54 to test improvements and new ideas so the M70 would hit the market as the best bolt action rifle of the day. . The improvements learned through the last years of the M54 were instrumental in the Model 70 becoming the "Rifleman's Rifle" and the endearing qualities of this rifle are still appreciated to this day.
 
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Pretty hard to compete with the Model 30, given that the major parts were leftovers from M1917 production.

I almost said that too, but I wasn't sure they didn't make the receivers from new. They had all the jigs and machinery of course.
 
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