Manufactured in 1929, this carbine is fitted with a rare stainless steel barrel with a black japanned finish. These stainless steel barrels were very short lived and unpopular because the finish tended to wear off very easily. The left rear of the barrel is marked "-MODEL-WINCHESTER/-TRADEMARK-" and "-STAINLESS STEEL-" followed by "32 W.S.", the right rear is marked with the two-line address and the Winchester oval proof is marked on top of the barrel and receiver at the breech. The upper tang is marked "WINCHESTER/-TRADE MARK-/-MADE IN U.S.A.-" and the serial number is on the bottom of the receiver. Pinned blade front sight and folding ladder rear sight graduated to 200 yards. Full length magazine, saddle ring and stud on the left side of the receiver, blue remaining parts and mounted with a smooth walnut forearm and straight grip stock with a steel carbine buttplate. The factory letter states the serial number was applied on July 23, 1930.

Excellent. The barrel retain 98% original black japanned finish with some muzzle wear and a few minor scratches. The remaining parts retain 95% plus original blue finish with some edge wear and a few light scratches. The high points of the barrel bands show normal wear and have a smooth brown and gray patina on the exposed areas. The wood is also excellent with a few overall scattered minor dings and handling marks. The buttplate has strong original blue finish remaining with a smooth mottled brown patina on the balance. The markings remain sharp. The action is excellent. An exceptionally nice rare stainless steel barreled Winchester Model 94 Saddle Ring Carbine.