OK,

First order of business… what is the complete serial number (I can not make it out fully)?

There are a few things that need to be cleared up.

1. Winchester officially discontinued both the 32-40 and 38-55 calibers for the Model 94 as of January 1938 (announced in their catalog).

2. Saddle rings were discontinued as a regular production item in 1932, though they were less common than the Eastern Carbine configuration starting in June of 1929. Saddle rings were a special order option through the start of WW II.

Now, as for that SRC, it is my belief that it is factory original with the possible exception of the barrel, and even it could be original. I very much believe that when Winchester discontinued the 38-55 in January of 1938, that at least a few barrels remained on hand, and were eventually used for parts clean-up. There is a very good possibility that this SRC is legitmate, but I would want to inspect it closely, and check the barrel date. If the 2-digit year number on the barrel is something in the mid 1930s, I would be inclined to believe that it is legitimate. I strongly suspect that it has the traditional post style front sight versus a ramp style (due to the No. 44 rear sight), but I would not be surprised by either style.

In regards to the fit & finish on it, there is nothing about it that would lead me to believe that it is not factory original. In fact, everything I see on the receiver frame screams "original". More specifically, the saddle ring and stud are perfectly oriented, the bitter ends of all the screws are still rounded and they have the typical bluing wear, and the "W" stamp has the expected graying on the periphery (outer edges) of the stamp. The stocks look good to me.

As for the seller, he has had a number of faked 38-55 Model 55 and Model 64 rifles for sale in the past few years, and this gun needs some extra scrutiny, but I would not be willing to summarily dismiss it without first knowing what the exact serial number is, and knowing what the barrel date is.

Bert