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It looks like the gun has been modified by having a modern rear sight installed and the original front sight blade machined off and a patridge replacement pinned into place. If so, that pretty much kills it off as a collector piece in the purist sense of the word.
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Actually this is the standard sight configuration for the K22 2nd model. Pinned partridge as well as the newer target masterpiece rear sight is in fact all I've ever seen in a 2nd model. Perhaps you're thinking of a K-22 outdoorsman or maybe you never saw one of these before.
Since it is rare, I think I will leave it the way it is. I think there's still collector value left due to its rarity and it still could clean up well so there's no point in restoring it when one stops and thinks about it.