Looking at the top photo where the forearm meets the receiver, shows that someone sanded the bejeebers out of it .... the iron is proud of the wood. Same with the top tang, which is sticking way proud of the wood. Judging from the proof marks on the receiver and barrel, it was likely made after 1905 and the bore should be decent. The metal has no finish, so that will also bring down the price. The sanded wood pretty much removes the collectors value, so if you are buying this as a collectable Winchester, I would pass. However, if you are buying this to shoot and enjoy, then this is a good one, since the collectors value is minimal given the heavily sanded wood and no finish on the metal. Given this, I am thinking that $500 to $650 might be more in line.