Hi bobv,
It's always hard to determine condition from a photo, but what can be seen appears to show what would be considered "very good" condition. Again, hard to tell from a picture, but I don't see a great deal of black discoloration on the stock behind the receiver. If there were, it would be an indication of oil damage to the wood - a condition that almost always requires re-stocking.
The 1897 was (is) a workhorse and you can expect that it was well used. Minor nicks and scratches in the wood would be considered normal. A little bit of looseness where the receiver mates up with the barrel assembly is also easy to fix. The major concern when evaluating one is the action itself. If it cycles smoothly, you should have no problems with the gun.
$300.00 is an average price in Canada for a 12 guage. You see them going for as little as $200.00 (in rough shape) and as much as $500.00 in pristine condition. They're worth more with the original wood, butt plate, etc. than they are refinished. Don't fall into the trap of getting the wood refinished or the metal re-blued.
I made a point of specifying "in Canada" for market value because the 1897 is becoming highly prized in the U.S. There, an old beater can fetch $400-$500 easily. A specimen in good shape, un-refinished, can command upwards of $1000 USD. I expect prices in Canada to catch up to the US market as supply starts to get gobbled up by Americans.
Congratulate your friend on a good find. Whether he plans to take it to the range or the field, his 1897 will travel well. Only caveat - don't put steel through it. It wouldn't likely bulge the barrel the first time you did it, but eventually damage would be inevitable.
SS
