How far has it been cut down?  What caliber?

I’m not a restoration fan either, but I have taken note that there is a whole world out there that pays big money to have restorations done.  I’ve also seen restorations sell for big money.  Whether they are selling for a lot more than what the owner paid for the restoration, I do not know.  

A common restoration is new wood, barrel and tube.  I’ve seen some M1886 Winchesters with special order barrels – that added a huge amount of desirability to the rifle – restored.  And, “restored” meant the rifle no longer wore the original barrel.  If the original barrel has condition issues, it gets sold off and a new barrel installed.  I recall a .50 Express we discussed here that was restored and the original barrel went along with it (as a takeoff).  It is possible that if Tom’s ’86 had the original 36 inch barrel still on it – and the owner was one of those people who wanted it restored to its original glory – that 36 inch barrel would be replaced by a new 36 inch barrel.  This does not reflect my mindset, but I believe what I am describing happens frequently.  If Tom’s recent purchase consisted of only the receiver, the fact that it letters as a 36 inch barreled rifle would catch the eye of a restorer.  And when restored, it would letter as a 36 inch barreled rifle.  It’s amusing to me that some rifles get rebarreled, but in the case of a restoration, the word rebarreled is usually not used – because it is a, “restoration.”  For me, it’s only been the last few years that I’ve understood this.  

I’ve been pondering the restoration topic this long holiday weekend…

I’ve seen a whole lot of guns since this hobby grabbed hold of me.  I remember a small percentage of what I’ve seen, but of those, some have been very memorable. Some to the point that I would say they haunt me (for not purchasing them). Many were out of my league, but some were not.  By virtue of being so very memorable, many were rare to point that they perhaps constituted a once-in-a-life-time opportunity. I say, “perhaps” because I’m not dead yet and who knows what tomorrow will bring?  To provide an example – a Winchester single-shot in .577 Eley.  It was affordable – in the teens as I recall – but condition wasn’t good enough.  Needless to say, I am haunted by the desire for a, “do-over” on this one. – and many others  Pickiness can be a virtue or a handicap.  

Of the ones I remember, an extremely small number have been restored.  Of those that have been restored, a microscopic number have strongly tempted me.

Here’s one – I talked about it here two years ago.  

https://www.gunsinternational.com/guns-for-sale-online/rifles/winchester-rifles-model-1886/1886-winchester-deluxe-rifle.cfm?gun_id=101442832

Restorations vary in quality and this one is at the high end of workmanship (in my uneducated opinion).  The rifle itself is wonderfully rare given the very numerous special features.  I love heavy barrels, I love matted barrels, I love fancy wood, I loved the rarity of Swiss butt,  I think the price was around $10,000.  

I don’t know the details of this rifle’s restoration.  Of largest concern was the originality of the barrel – which to me was the most special and desirable aspect of the rifle.  The fact that the bore was not perfect suggested that it was not a replacement.  But, what was done to preserve the matting and the barrel address within the matting – if they were preserved – was a puzzle.  At the time I decided to not pursue this rifle, I had not anticipated it would remain in my memory banks.  Would I buy it today if the, “do-over” presented itself?  I can’t say, as the reasons I hesitated, haven’t been erased.  In the end, I’ve stayed away from restored rifles for my entire collecting career.  And by the way, a do-over on that .577 Eley?  I’d grab it in a heartbeat.  

steve004 said
I’ve been pondering the restoration topic this long holiday weekend…

I’ve seen a whole lot of guns since this hobby grabbed hold of me.  I remember a small percentage of what I’ve seen, but of those, some have been very memorable. Some to the point that I would say they haunt me (for not purchasing them). Many were out of my league, but some were not.  By virtue of being so very memorable, many were rare to point that they perhaps constituted a once-in-a-life-time opportunity. I say, “perhaps” because I’m not dead yet and who knows what tomorrow will bring?  To provide an example – a Winchester single-shot in .577 Eley.  It was affordable – in the teens as I recall – but condition wasn’t good enough.  Needless to say, I am haunted by the desire for a, “do-over” on this one. – and many others  Pickiness can be a virtue or a handicap.  

Of the ones I remember, an extremely small number have been restored.  Of those that have been restored, a microscopic number have strongly tempted me.

Here’s one – I talked about it here two years ago.  

https://www.gunsinternational.com/guns-for-sale-online/rifles/winchester-rifles-model-1886/1886-winchester-deluxe-rifle.cfm?gun_id=101442832

Restorations vary in quality and this one is at the high end of workmanship (in my uneducated opinion).  The rifle itself is wonderfully rare given the very numerous special features.  I love heavy barrels, I love matted barrels, I love fancy wood, I loved the rarity of Swiss butt,  I think the price was around $10,000.  

I don’t know the details of this rifle’s restoration.  Of largest concern was the originality of the barrel – which to me was the most special and desirable aspect of the rifle.  The fact that the bore was not perfect suggested that it was not a replacement.  But, what was done to preserve the matting and the barrel address within the matting – if they were preserved – was a puzzle.  At the time I decided to not pursue this rifle, I had not anticipated it would remain in my memory banks.  Would I buy it today if the, “do-over” presented itself?  I can’t say, as the reasons I hesitated, haven’t been erased.  In the end, I’ve stayed away from restored rifles for my entire collecting career.  And by the way, a do-over on that .577 Eley?  I’d grab it in a heartbeat.    

Once restored, it’s a 0% gun.  Money isn’t infinite, and there’s still enough unrestored stuff to chase down.

 If the 86 is all original with the bobbed barrel being the only flaw, then maybe just stretch the barrel and tone to match is an option. I have seen one sell in recent years for about 20K, not what an original would bring, but good money. The sellers made it clear the barrel was stretched but gun was original. The stretched barrel was the original barrel with original caliber and barrel markings. A weld in sleeve of the full length made it look good inside and added dovetails were well done. Not that obvious. A modern made barrel replacement would not bring that kind of money.  

 On a 86 the serial number is on the lower tang and is easily changed, so if the gun is a composite then the value is gone. A full high end restore would not be worth more than the cost of the restore. T/R

I’m cautiously moving into the 36” camp because that would return it to its original configuration. I suspect the repro barrel folks can make a 36” barrel and if that’s the case I’d probably go that route but the “stretch” option has merit. Guns in similar situations are bringing respectable prices so when the time comes for it to move along I believe there will be buyers happy to add it to their collection. 
More importantly, it seems you would like to have it in its original configuration and I don’t believe it would have a negative effect on the value other than as a hunting rifle. It’s your gun and it will never be truly original, if the price tag of the work doesn’t stop you nothing else should, IMHO. 

Mike