The Model 38 was an inter-war version of the pre-World War I Model 32 and was only manufactured circa 1920-1930, so they were produced in limited numbers before the Great Depression severely impacted the arms trade. This is the only known factory engraved Model 38. Included letters between E.D. Bedore, National Accounts Manager at Remington, and William S. Brophy, Senior Technical Manager at Marlin, indicate this is "without a doubt the finest Model 38 extant. The fine Alden "George" Ulrich engraving and gold inlay borders and special order checkering make it a one-of-a-kind Marlin" per Brophy and it was won by Bedore's grandmother at an exhibition shoot per Bedore. This rifle was pictured on the 28th edition of "The Blue Book of Gun Values" from 2007 and the cover of "The Marlin Collector" Volume 30, Issue 4, from October 2010 and Volume 36, Issue 2, from March 2016. It was awarded a silver medal for one of ten best arms by the NRA in 2008 at the annual meeting (medal, medal case, and plaques included). This extraordinary example utilizes the earlier squeeze latch rather than the button latch. It has factory engraved scenes of a pair of rabbits on the right and a pair of squirrels on the left accented by scrollwork, borders, and gold inlaid borders on the front and rear of the frame. The engraving extends to the rear section of the barrel on the upper flats. The engraving is clearly based on the patterns established by the Ulrichs. Winchester Collectors Association historian Bert Hartman indicates he joined Winchester in April of 1920 leaving a very brief window for Ulrich to have engraved this gun. The barrel has a blade front sight with folding bead, the two-line address and patent information on top ahead of the adjustable sporting rear sight, and the caliber marking on the upper left flat at the breech. A "M38" marked (on the bottom) peep sight is fitted to the upper tang. The serial number is marked on the left side of the upper tang and in the upper tang stock mortise. The bottom of the frame has "Marlin/Mod. 38." The pistol grip stock and forearm have fine checkering accented by special oak leaf and acorn relief carving, a "NELVA BEDORE" inscribed silver plate on the bottom of the grip, and a checkered buttplate embossed with the Marlin Safety trademark.

Very fine overall with 85% plus original blue finish, some small spots of finish loss faded to smooth brown on the front section of the barrel and top of the action. There is cycling wear on the arm and magazine tube. All of the gold inlay remains, and the engraving is crisp. The buttplate is chipped at the toe. The stock and forearm have distinct checkering and carving and some minor scrapes and dings. Mechanically excellent. This is an incredible rifle in terms of embellishment, rarity, and condition and is sure to be a welcome addition to any Marlin collection or collection of fine American firearms.