Manufactured in 1903. The top of the barrel is marked with the two line address ahead of the rear sight and "40-82/W.C.F." at the breech. The upper tang is marked "-MODEL 1886-" and the two line, two patent dates and serial number are on the lower tang. Pinned blade front sight and folding ladder rear sight graduated to 900 yards. Blue finish with casehardened hammer and lever, saddle ring and stud on the left side of the receiver, full length magazine tube and mounted with a smooth walnut forearm and straight grip stock with a steel shotgun buttplate. The accompanying Winchester letter verifies the carbine configuration, 40-82 caliber, shotgun butt, "sighted for smokeless", that it was received in the warehouse on April 24, 1903 and to shipped to order number 195085 on August 5, 1903.

Fine as partially refinished, the barrel which retains half of the thinning blue finish. The magazine tube retains 40% original blue finish mixed with smooth brown patina. The receiver retains 30% original blue finish mainly in protected areas with smooth brown and gray patina on the balance. The bolt retains 85% original blue finish with some thinning to a smooth brown patina. There are generous amounts of muted original case colors on the hammer and a smooth mottled gray patina on the balance. The wood is good with a small fulled repair on the left front of the forearm, and overall some minor dents, a couple of small shallow gouges and some minor scratches. The markings are crisp and clear. The action is fine.