Manufactured in 1928 (W.A.C.A.) 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 how poorly they retained their black lacquer finish. 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 1" on the front of the receiver. Fitted with blade front and elevation adjustable notch rear sights, and mounted with a twelve-groove slide handle and straight grip stock with a crescent buttplate.

Very good, retains 50% original black lacquer on the barrel and 50% period refinished blue finish on the receiver and breech bolt with the balance having thinned to mostly a smooth grey patina. The wood is also very good with some scattered minor dings and scratches. Mechanically excellent.