They are all Magnums these days.
Though 2-3/4" Magnum shells do exist, they have nothing to do with the Magnum nomenclature of an 870.
Before 1955, I think, only 2-3/4" chambered 870's were made. Wingmasters. When REM started producing 3" guns, they referred to them as Magnums and stamped an 'M' in the serial number to distinguish receivers. ie Marine Magnum, Police Magnum, 870 Magnum.
What makes an 870 a Magnum? -- The combination of a 3" chambered barrel and 3" capable receiver with the correct size ejector.
There's no such thing as a 2-3/4" Magnum REM 870.