X2, and if that is the case most of the springs will need to be replaced if they haven't already been. Obviously if it was in a fire the stocks have been replaced.
One of the forum members here, SixgunStrumpet, has a Registered Magnum with an almost bare metal worn finish. I think it looks pretty cool, personally.
With this 25-2, if it's just finish loss, that's not so bad.
How is the metal condition? Any pitting, buffing, worn off markings, or edge/contour danage?
There's a few spots that look like they have some remnants of bluing (cylinder flutes, bottom of trigger guard, etc.)
Probably exposed to moisture (outdoors or improper storage), then followed by a half-hearted attempt to remove the metal damage that took the bluing with it. Bet there is a lot of fine and not-so-fine pitting everywhere but the internals may still be OK.
Offer $200 and feel good about yourself whether seller accepts or declines. You did all you could to put cash in someone's pocket or you acquired a project.
I've seen some guns that went through a fire, and then a dousing with the fire hoses. They look worse than that. To me, it looks like something was splashed all over it, or a glass of grapefruit juice was spilled on it, or it fell into a tub of blood, anything that will remove blue. Whatever happened, if it wasn't taken apart and cleaned, there is going to be some internal damage. I'd offer $100, and go as high as $150. There is too much unknown. At best, its always going to be a refinished gun.
The original finish is gone. If it's good mechanically, it's a candidate for a proper refinish depending on the markings & edges other damage from whatever was done to it. What would it be worth as a refinished gun subtract cost of refinish, make allowance for surprises and allowance for your trouble of doing so. The remainder is what you should offer. He's not going to like the result.
Just because it is rescue able, doesn't mean you should take a loss on doing so. My M25-2 came with a beautiful high gloss deep blue finish.
I have seen several people's attempts at refinishing using rust&blue remover and a very inexpensive cold blue.
It looks to me like someone did a half-arse attempt at rust&bluing removal, or they actually did get the rust and bluing off and then made a half-arse attempt at cold bluing it.
Inexpensive cold bluing will thin rather quickly with handling and cleaning, especially if the metal wasn't prepped correctly to accept the cold bluing...….or if several layers of cold blue weren't put on.
Inexpensive cold bluing has a very distinctive and recognizable smell if you have ever been around it much.
Could be someone tried to remove the finish using Naval Jelly -- maybe it was lightly rusted at some point and they thought to just remove rust? At any rate, that looks mighty like a result of NJ.
"If" the mechanical ability is still correct (even if a few springs need replacing) I'd offer up to $200, knowing I was taking on a "Project" which may take me several months and searching for parts fun. But only if it would still be a good shooter at the end. If your not so inclined, walk away.
It looks like they may have done the same thing a previous owner did to this Heavy Duty I have...stripped the bluing off and just left it in the white...although it doesn't look like they were very complete in doing it.
$200,,absolutely if the mechanics & bore are good and it's not pitted (too badly).
Any N frame is worth that IMO.
I'd give the guy a sad faced frown at $500 though unless you really love the thing.
Maybe $300 if I was tired and not quite awake yet! It'd look pretty nice all engraved.
It does look like it underwent the NavalJelly treatment. That will often leave patches of blue remaining in the flutes and some other areas and that matted soft grey color. Looks like the trigger case colors got hit too.
A lot of missing bluing, is no different than just some missing bluing if you're going to refinish the whole thing.
An auto shop glas bead blast and a hot salt blue dunk is an inexpensive refinish option if you do the disassembly/reassembly work.
Or just a oil and wire wheel burnish/polish job and then blue.
Rust blue it on Mom's stove top for a real inexpensive refinish.
Lots of project gun possibilitys in that gun. How about a 4" model or maybe a 5.
If you like a crisp factory original finish with box 'n papers,,then don't give it a second look. It ain't ever gonna be that.
But it's got lots of other possibilitys for those that like to mess with guns like this.
Forget the re-finish, if it can be firmly established that it is mechanically very good, then I would consider it as a cool beater. Just wax it and shoot the mucous out of it. Find a cheap ammo it likes and do some long range plinking. Skill building sleeper- I think I would go as high as $250.