Manufactured in 1928 as a third model with the rare and desirable stainless steel barrel. Stainless barrels were offered by Winchester from around 1927-1934 for extra cost for most of the period. However, these barrels were not well received due to them retaining their black lacquer finish poorly. The unpopular nature of these barrels at the time has made them quite scarce and collectible. It has standard markings including the "-STAINLESS STEEL-" marking on the upper left flat of the barrel, factory oval proofs on the barrel and receiver at the breech, and "WRF" on the front of the receiver. Fitted with blade front, elevation adjustable notch rear, and tang mounted Lyman peep sights, and mounted with a twelve-groove slide handle and straight grip stock with a crescent buttplate.

Fine, retains 85% original black lacquer finish on the barrel and 40% original blue finish with the right side of receiver an artificial mixture of brown and grey patinas. The wood is also fine with some scattered minor dings and scratches. Mechanically excellent. Model 1890s with stainless steel barrels are rare in any condition, but one retaining this much lacquer finish is a true scarcity.