I cannot see medallions in those stock circles and so are not likely factory installed. The company was very protective of their high quality factory pearls, and wholesalers were offering very poor quality stocks by comparison, so S&W added medallions to authenticate their offerings. By the late 1920s, the factory could not obtain quality MOP so stopped manufacturing them.

The wood stocks are interesting and from the auction pictures, they look like the have recessed top rounds that were standard for the period on other models. I would also venture a guess that they are factory stocks, but have never seen a set on a 38 Perfected, so maybe from an early J frame??

I would remove them to find out if there is a factory return date and if the stocks have any serial number written of stamped on the inside of the right stock? Not difficult, just start the screw out and tap on the head while holding the top of the other stock until the stock lifts from the lower pin. Remove the other one by using a small wood dowel and tap the bottom until it comes loose from the frame. Just watch to make sure the escutcheons remain tight in the stock.

Second, the finish looks great and screws look un-turned. Perhaps the auction house did not think revolvers that old could have near perfect finished, so made the guess. The pictures show not any evidence of buffing and all edges remain perfect. The only thing I notice is that the color looks lighter than what was done in the period, but that could be lighting. I have a near mint four digit Perfected that shows very dark bluing by comparison.

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Gary
SWCA 2515