It looks cut... BUT... it may have been cut by S&W before leaving the factory as a special order if a 4" barrel wasn't immediately available. Or maybe the stampings are just off a bit. You need the letter to be certain.

I always say the same thing regarding rare variations. I will say it again.

I would not buy a rare gun without the letter (unless priced as a modified gun). I would not drive to look at a rare gun if the seller didn't have the letter. I can't imagine any rare S&W not having the letter with it if it is original.