Its actually on the left side of the barrel. It just means that the gun
is chambered for both of those cartridges.

Its possible that the rest of the gun was not refinished, if in fact the
blue is in much better condition on the barrel. I'd be surprised if it
was not refinished, but maybe not. I don't see any easily-observable
direct evidence of a reblue.

Most, but not all, of these early 1902's show pitting in the bore. This
is because of the corrosive nature of the black powder of the era.
Indeed, having the barrel replaced in 1949 would make a big difference!

All in all, a nice gun.

Regards, Mike Priwer