I just bought one, Grade 2. It's not a SIG Arms refurb.
Bit difficult to categorise the wear on it, externally it has minor holster wear, teeny bit of rust around the rear sight, but nothing you couldn't fix very rapidly. The action is a bit gummed up from holster fluff, once again, bit of TLC will sort that out.
The only thing I'm a bit puzzled by is the barrel, which appears to have some fairly serious wear on the rifling, plus the recoil spring is lacking strength which indicates it has been shot a fair bit, however the chamber doesn't have the usual signs of rubbing on it. But that might be because it's an old barrel and they wear in different places compared to the current ones. The slide rattles a bit at the back, but it's not worn out by any means.
It is a very old P226, at least mine is, the date stamp is from 1984 and the serial number is U119### (serial numbers start at U100001 except for the XM9 test pistols). Looking at the pictures on their website I think they cover a fair date range though. The mags that came with the gun are from the 1990s, one of them has the US post-AW ban markings on it.
I'm more interested to know which LE agency they came from, it's definitely an import from the US, it has the old SIG Arms import stamp from Tyson's Corner, VA on it. There is a blue sticker on the side with a five-digit serial number on it, with an "N" inside a shield.
Who the hell in the US (or Canada) was using the P226 back in 1984?
I suppose I could phone up Wolverine and ask but it takes all the fun out of guessing! There aren't many agencies that would get up to a five-digit serial number, and this one is 38###.
My best guess is the NASA Security Force. I thought maybe it could be a USN agency but DoD guns are required to have: "Property of the US Govt." stamped on them and this one doesn't.
Anyway, I bought it mainly for parts, and it'll certainly do for that.