Manufactured in 1898. The accompanying factory letter lists the serial number for this carbine was applied on April 2, 1898 and the carbine was chambered in .38-56 caliber when received in the warehouse on March 11, 1905 and shipped on October 9, 1908. The barrel has a steel block front sight located ahead of the barrel band and a sporting style folding leaf rear sight calibrated to "10". The upper receiver tang is factory drilled and tapped. The top of the barrel is roll-stamped with the two-line legend "MANUFACTURED BY THE/- WINCHESTER REPEATING ARMS CO. NEW HAVEN. CONN. U.S.A.-" between the lower barrel band the rear sight. "38-56/W.C.F." is roll-stamped in two lines on the top of the barrel between the rear sight and the receiver. The upper receiver tang is stamped with the designation "-MODEL 1886 - " and the 1894 and 1895 patent dates are roll-stamped on the lower tang behind the trigger. The serial number is stamped in script numerals on the lower tang between the tang screws. The barrel, magazine and barrel bands have a blue finish. The receiver and bolt have a bright blue finish and the loading gate is fire blue. The hammer, lever and carbine style buttplate are color casehardened. The stock and forearm are straight grain American walnut with a semi-gloss varnish finish. Model 1886 carbines with saddle rings were not offered by Winchester until about 1890. Because of their greater weight, Model 1886 carbines were sold in smaller quantities than other Winchester lever action carbines.

Very fine. Scarce in any condition, the barrel and magazine have 95% original blue finish remaining exhibiting a patch of spotting and discoloration 3/4 of the down the barrel. The barrel legend and caliber markings are sharp. Nearly all of the blue is present on the upper barrel band and the lower band has a plum patina with 60% of the original blue finish. The receiver has 90% of the original blue finish with some saddle ring marks on the left side and thinning on the edges. There is some light pitting and discoloration on the top and upper right side of the receiver ahead of the ejection port and ahead of the hammer. The bolt retains 98% of the bright blue finish. 60% of the fire blue finish is present on the loading gate. 95% original vibrant casehardened finish overall, with some silvering, primarily on the buttplate. The straight grain American walnut stock and forearm is fine showing and old applied varnish with minimal storage and handling marks. This is an excellent original example of a scarce and very desirable Winchester Model 1886 Saddle Ring Carbine.