The letter describes Winchester Model 1886, serial number 92040 as: "Type: Carbine, Caliber: 45/90" and states that it was received in the warehouse on October 15, 1894, and shipped from Winchester on November 16, 1894. The carbine has a blued 22 inch barrel, magazine, bolt and trigger. The receiver, hammer, lever and carbine style buttplate are color casehardened. The stock and forearm are varnished, straight grain American walnut. The barrel has a block front sight base with steel blade located in front of the barrel band and adjustable folding leaf rear sight. A saddle ring is mounted on a stud on the left side of the receiver. The upper tang is factory drilled and tapped for a tang sight. The top of the barrel is roll-stamped with the legend: "MANUFACTURED BY THE/-WINCHESTER REPEATING ARMS CO. NEW HAVEN. CONN. U.S.A.-" in two lines between the lower barrel band and the rear sight. The caliber designation: "45-90/W.C.F." is stamped in two lines between the rear sight and the receiver. The upper receiver tang is roll-stamped: "-MODEL 1886-". The 1884/1885 patent dates are stamped in two lines behind the trigger, and the serial number, "92040" is stamped in script numerals behind the rear tang screw. Model 1886 Saddle Ring Carbines were not generally offered for sale until after 1890. Because of their greater weight, Model 1886 Carbines were not as popular as the lighter Model 1873, Model 1892 and Model 1894 carbines; as a result Model 1886 Saddle Ring Carbines are scarce and very desirable.

Fine. This carbine retains 40% of the blue and casehardened finish. The barrel and magazine have most of the blue finish with traces of plum patina. The Winchester legend is light. The bolt and trigger retain nearly all of the blue finish. The loading gate has a silver patina. The barrel bands show handling wear and have a silver patina. The casehardened finish on the receiver has silvered but the left side and protected areas of the right side and lower tang retain significant amounts of the case colors. Most of the case colors remain on the hammer and sides of the lever. The case colors on the bottom of the lever have aged to a dark, mottled patina. The case colors on the carbine buttplate have faded to dove gray with a few spots of darker age discoloration. The stock and forearm appear to have been varnished long ago but remain in very good overall condition with scattered, minor, handling marks. Winchester lever action carbines tend to show hard wear and Model 1886 carbines are no exception. This is a fine example of a scarce Model 1886 Saddle Ring Carbine that would be a fine addition to your Winchester collection!