My guess, and it is just a guess, is that the receiver looks as it does because it is a very old reblue, which, itself, has become quite aged. The reason why I think the receiver may have been reblued is because the edges of the receiver do not look as crisp as they should, due to being buffed in preparation for the reblue. Again, just a guess, and it could be the photos. Also, the tang appears proud to the wood, which is possibly indicative of an old refinish to the wood

This IS a Winchester rifle in .32-40, which is more desirable than a .30 WCF or .32 Special, but in its current state it lacks collector interest. I would maybe offer it to your friend for $500 or $525, but if he is a really good friend, maybe $475.