[email protected] said
I honestly thought with a serial that low it would be at least twice that…

Here’s how it works with low serial numbees provided condition is not extremely poor.

Serial number 1:  MANY times the value of other serial numbers, even if the condition is poor.  Basically, whatever market conditions will bear.

Other one digit serial numbers:  Can be triple that of a similar less remarkable example.

Two digit numbers approximately 50% more to double of less remarkable examples.

Three digit numbers perhaps some enhanced value.

Four digits are neat and a conversation piece.

This is VERY general and varies greatly by make and model and rare variation.  For example, early Colt Single Action Army “pinch frame” revolvers worth MANY MANY times that of the standard variation.  Also, later guns such as the Model 65 were serialized with the Model 1892 and early production would be an unremarkable 7 digit number.

I feel safe in saying that for 99.9% of the guys that hang around here (including me), if they inherited that rifle, they would be keeping it. Very happily (and horrified at even the thought of parting with it).  It seems a very decent rifle just showing mellow use.  Do you know the history of it?  How long did your relative have it?  What did he hunt with it?  That rifle clearly has some stories to tell.  

Your rifle has several things going for it.  It appears all original condition.  It was made in 1897 so it has survived 123 years without being molested.  There are a ton of Winchesters out there that can’t make this claim.  It is the first variation of the M1895 – known as the, “flat side.”  Manufactured in 1897, it has, “antique” (legal) status, which is a strong plus.  I would say your rifle is a collector item.  It is not in, “collectible condition” in that most of the finish is gone, however it is in, “collectible condition” in the sense that is in original condition (i.e. from what I can tell from the photos – I have not held it in my hands).  I will also point out that many buyers or Winchester rifles have an appreciation for the authenticity that comes with mellow use.  Your rifle has some great character and that carries appeal to many (e.g. me).  The other comment I will make is that the Model 1895 is not as popular among collectors as other lever action models (such as the M1866, 1873, 1876, 1886, 1892 and 1894).  It just doesn’t have as large of a following as the other models I mentioned.  This is not to say it has no followers.  There are a very large number of Winchester collectors extant.

Value (e.g. what someone else is willing to pay) varies wildly of late.  Gun shows tend to be slower the last few years and values are more suppressed.  Your rifle does not have the condition to draw most serious collectors.  This is mainly because they have a nicer one sitting at home.  Your rifle is more what we refer to as an, “entry” level collector rifle.  The only glitch with that is there aren’t as many entry level collectors these days.  The other place a lot of guns sell is internet auctions.  What a rifle will bring in an internet auction (e.g. such as gunbroker) is much more unpredictable.  If this rifle were started at a penny on gunbroker, with no reserve, with inspection privileges and from a seller who was established (e.g. not a brand new seller with no feedback) it would not surprise me in the least to see it go somewhere between $1500 and $2500.  

In conclusion, hang on to that wonderful family heirloom!

Chuck said
Have it checked out, get some 30-40 Krag ammo and shoot it.  Never sell a family gun.  

And from there, take it hunting!  🙂