It may have been a very nice, high quality shotgun- but it's obviously well used and worn. Looks like most of the checkering has been worn smooth. Basic utility shotguns usually had little or no checkering, so this could be a higher grade. I agree that the monogram is probably the owner's initials, and IMHO the original owner would not have paid for a gold inlay monogram if it was just a run-of-the-mill department store shotgun. Without pictures, it's impossible for anyone to give you a better reply.