Help needed from Winchester shotgun folks

[Smithhound]

I've come into possesion of a very nice Win M12 in 16 gauge S/N 10501xx which I believe puts it as a 1946 model 28" plain barrel, standard configuration with modified choke. The gun looks to be fired very little, bore is shiney, no wear marks on bolt face, functions perfectly.
The big problem with it is that is has suffered a reblue. Whoever did it did an excellent job, but it is still a reblue, polished brite with minimal loss of sharp edges. All markings are still crisp, no other issues with it.
I know nothing about these guns other than I've always wanted one, nor for that matter a whole lot about shotguns, not my cup of tea but this one was so nice and the price was so low I could not pass it up.
Here is the dilema, I have two people who want to buy it from me very badly, I've explained to both it's problem but niether seem to care, they both want it to plug a hole in thier M12 collection.
So the standard question at this point, What is it worth in it's conditon? I have $450 in it, which to me is reasonable but really don't know where to go from here on it's value, which as of now I know has been set at $450.
Any help from shotgun people here as to a more accurate value in it's current conditon would be appreciated. I like both people and one of them has to lose but I don't want to seem greedy either, they are both co-workers.
It wouldn't break my heart to just keep it because it is such a nice example, reblue or not, and I don't collect these so that's not really an issue, I do however have my eye on a larger acquisition, so selling it for a good profitt wouldn't cause a lack of sleep either.
Any ideas as to the value? And yes I know it's hard to judge without pictures, but a ballpark figure would be most helpful.
RD

[Dominus_Lex]

I am no expert, but I see a fair number of fair to average Md. 12's in the $600 to $800 range. If the purchaser's are aware of its faults and looking for a 16, that seems like a pretty good return, and if the purchaser is happy all the better.

[WoodSmith]

These folks have been very helpful in determining identification and value. They have a sub forum just for that purpose.

Shotguns and more Shotguns! ShotgunWorld.com is Your Best Source for Shotgun Information

[msinc]

$450 is about right for a reblue 16ga without a rib. If you can get more do it...you only get one chance to sell something and you better get as much as you can. Also, I learned along time ago it is easier to come down in price than go up!!! Check to see how much the bolt will move up when you push up on the bottom of the carrier. It will probably move a little, 1/8" or so, but much more and it is starting to get worn. That was the biggest problem with the Model 12...a very small pad of metal locks the bolt shut. They eventually will get so bad that the gun will blow itself open when you fire it. If the bolt moves upwards alot or seems to and you are not sure you might want to take it out and shoot it to make certain that it stays locked. Again, if the bolt dont move much then dont worry about it. If it was taken care of and had a little grease like it is supposed to it will never wear out.

[VAdoublegunner]

It sounds like a nice shotgun. The configuration is pretty common as a field grade/use gun. It is not really a collector grade if it has obviously been reblued, but then again a lot of "collectors" looking to fill a slot in their collections are looking for a user like this as well. No doubt a 16ga is desirable, yet at that time 16s were not as uncommon a selection for a hunting gun as they became later.

If it had a more open choke it would boost the value a bit. I take it that the wood and its finish, buttplate condition and action itself are all good and sound? Of course all Model 12s are "Takedown" models, eventhough some seem to confuse them with the '97 on that particular designation, and if the mechanics and fitting work well that is expected to maintain value. I only mention that because if it was reblued for some reason, it may have been more than surface wear issues.

I would say, based on what I see them go for and advertised for sale lately, that $450 was a good buy, and if you can make 100-150 on it you are doing well.

[fat tom]

Well,I'd say that $450 is about right for a re-blued,field grade Model 12,even if a 16 guage. If the 2 guys REALLY want it,they will probably pay more. Personally,I would not. JMO.
f.t.

[Andy Griffith]

If you can turn a profit- go for it!

There just seems to be a glut of model 12's around here- most found are with poly chokes or reblued, so would not bring as much around here- but this seems to be an odd area.

[lebomm]

You could always get both guys together and make 'em bid on it.