I wouldn't get excited about it on first blush. A friend of mine brought in a piece for me to look at yesterday. He was all jacked up and had put out some effort in trade and cash to get it. It was a rather early 1917 frame in the 39K range with many of the of markings removed, refinished, rebarreled with a model of 1950 barrel and cylinder, all numbers except the butt were removed. It also had a pinned front sight and had an adjustable rear sight installed. All of the work was done "professionally" but I told him none of it would add any value to the piece except in the eye of the beholder. He was thankful for my honest assessment, but I could tell he wanted a second opinion, can't fault that.