In answer to your first question, Yes, it most definitely affects the value (very negatively). To be perfectly frank with you, the value is nearly $0 to those who actively collect Winchester Model 1892s. Its only remaining value it has is as a “parts gun” and the amount is determined by the condition of the remaining parts that have not been altered.
In the “shooter” market, your Model 1892 has some value, but again, it will be determined by the overall condition and function of gun. If it cycles and shoots accurately, it should be worth at least $500. Anything above that amount is hampered by the fact that a brand new (or near new) similar rifle can be purchased for $889.
Model 1892 Short Rifle | Lever-Action Rifle | Winchester (winchesterguns.com)
Bert
WACA Historian & Board of Director Member #6571L
November 7, 2015
In my humble opinion it’s a “bad news/bad news” situation as the conversion destroys collector value and in many cases does not function/feed reliably. Even the Rossi 1892 replicas factory chambered for 38/357 are a bit balky in my experience. Wadcutters absolutely would not function in my sample, semi-wadcutters were an iffy proposition and it is quite possible the only bullet profile it will feed reliably is a round nose. I sold it because it was ugly and it didn’t like the bullets I bought it to shoot up.
Mike
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