Lyman #6 2 leaf folding sight on 1886|Winchester Sights|Forum|Winchester Collector

Yes, each of the two leaves was for aiming at a different range, probably 50 & 100 yds, approximately.  The #6 often replaced the rear sight when a tang sight was mounted.  Quite possibly factory installed, which can be verified with a factory letter.

Scott Watson said
Thank you,  Clarence! My assumption is that the flat blade is 50-100, and the V for farther out. Am I thinking coreectly?

Catalog says nothing about range for which blades are intended, only that one with white triangle was for “night hunting with a jack front sight.”  (Jack-lighting wasn’t banned in most states until about 1900 or later.)  On some of these sights the top of the triangle is the same height as the bottom of the “V” which would make them shoot to the same point, on others it differs, so only shooting would determine their actual range.  Ben Tolson has handled many more #6s than I have, so may be able to tell you more; I have them on a few guns, but have never shot with them, & regard them as an emergency sight to be used if the tang sight is disabled.  (Though can’t imagine how that could happen!)

Your #4 front sight could also be a special order.  Appears original owner had the gun set up with best sighting arrangement available at time, so if factory letter confirms this, it adds value to gun.