Manufactured in 1926 this is the Third Model takedown version which features a locking cut made on the front top of the receiver to allow the breech bolt to lock externally. Blade front sight with adjustable rear sight. 3/4 length magazine tube. Twelve groove forearm and straight grip stock with metal crescent buttplate. The left side of the barrel is marked with the two line Winchester address and patent dates followed by the model and caliber.

Excellent with approximately 90% of the thinning original blue finish remaining and some light scratching on the left side of the receiver. There is a gray/ brown patina developing in the thinning areas. The left side of the barrel has an area with three small dings with some scattered areas of pin prick pitting. The wood is excellent with light pressure dents and scratches. Mechanically excellent.