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Any 16 or 20 ga. M12 with a solid rib or factory vent rib is rare and worth more. The early 16 guages all came with short chambers (2 9/16" for the 16 ga.). Only those opened up by the factory are worth the money. 1927 was the year Winchester started with 2 3/4" chambers in the 16 and 20 gauges. There is a small window (1927 - 1930) where the guns still came with a nickel steel barrel and a factory 2 3/4" chamber - these are the most valuable model 12's of all.
Grit last summer there was a mint 16 gauge just like the ones you have descibed at P&D in Edmonton and the gun sold for $ 200.00. This gun looked as though it never saw the field. I think the shop paid the former owner $ 125.00 for the gun.FS
Damn. For $200 it'd be well worth having. Mind you, that's what you get for sellign a gun to a gunshop rather than selling it on CGN. Coulda got $150 easy on here.