If you really like it,,the price is ,,well you know.
The pad hurts the value if you ever go to sell it. Of course we never sell anything we ever buy for our own amusement!
But that's the first thing any Winchester person or anyone looking to buy it and turn it around will dump on.
Win M12's and Trap guns in general are not the most sought after shotguns out there. We may like them, but the market is soft as pointed out.
All that said, if you really want one for yourself as a shooter and it's a solid original finish, good mechanics, ect,,you should be able to buy that one for the range that oldK22 suggests IMO.
These are beautiful guns but monetary appreciation for them when it's time to get the wallet out is unfortunately left to a dwindling few it seems.
The auction sites are loaded with M12's and other classic shotguns that go begging for owners most times.