Winchester did make the Model 12 after 1964 in 2 ways.
First they took around 500 sets of parts for the orig M12 from production along with spare parts and transfered them to the Custom Shop.
This was in 1963.
They were expecting the end of the M12 as a production firearm in 1964 and it's only continuation would be as a Custom Shop Firearm from there after.
But in 1972, Winchester reintroduced the M12 once again. It's listed in their catalog of that yr (or maybe 1973 ?) can't remember which.
Made in Field, Skeet & Trap grades as a production gun.
These are the so-called 'Y-series' Model 12's.
The 'Y' is the ser# prefix on them. The GCA68 required a letter(s) prefix and this is what the gun got.
These new production guns have investment cast parts most notably the recv'r and trigger guard along with some other small parts.
The vastt majority of the guns made were Trap Grade.
Only cataloged for the one yr, they continued to be sold till 1982 or so.
Going back to those orig production M12's and the 500 sets of their parts set aside for the Custom Shop,,Those guns have no ser# Prefix..
They were already factory roll mark ser#'d in the polishing room at winchester when made in the early 60's.
BUT if a Model 12 was built by the Winchester Custom Shop after GCA68 went into effect and used a set of one of those parts (in particular the already ser#'d frame), then the Custom Shop added a 'Y' prefix to that ser# as demanded by the GCA68 rules.
So you can have a Model12 with a pre64 ser# on it but has a 'Y' prefix.
That at first glance makes no sense as the 'Y series' model 12's didn't come out till 1972/73.
But knowledge of the Custom Shop parts stash near the end of regular production, then it makes sense.
The 1970's/80's Y series gets less credit for being a M12 than the orig production. The investment cast parts usage has a lot to do with it.
(Truth is that Win started using investment cast parts on the M12 in regular production around '62 to save $$)
Most feel there was a lot less hand fitting done, polishing and bluing were not up to the earlier production quality. But most will agree that Winchester did put some very high quality figured wood on these Y series guns.
A constant complaint about them is the obvious screw thru the top of the VR at the muzzle that holds it in place. A big ' I hate that' from Winchester fans' Why didn't they just pin it thru the side of the lug like they always did before is the usual cry.
I've worked on a few of the Y's in the past with just little issues.
Actually they were just small adjustments that should have been taken care of during assembly.
Two were the bolt would not unlock upon firing, you had to manualy unlock the slide,,A quick fix but they should not have passed the Range that way. But there was that proud WP proof mark!
The guns were NIB or nearly so when the owners had bought them even though they were already 20y/o or so. All Trap Grades.
Betw the Orig production, the so called 'Y Series' and the Browning/Japanese repro production M12's,,I think there are plenty of these to go around in all prices, grades, configurations and conditions.
..and I have yet to personally ever own one..
Model 42's and 97's I have though.