This is a topic that has been visited numerous. All of the comments
above are good comments. In the end, however, its all very personal.
For me, I would not refinish a shooter. It does nothing for its accuracy.
If anything, I might have it accurized. But that's me. Others feel
differently.
The real controversy is about collectible guns, and even here, there
are difference of opinion as to just how collectible a particlar gun may
be. Most post-WW2 guns are not yet collectible. Yet, a NIB 32 M&P from
about 1949 recently surfaced, and went for $4000, and will resell for more.
That is a collectible price.
The 1899 32.20 target that John posted is a scarce gun - no doubt about it.
That gun, in my view, looks very good,just the way it is. The coloring is
even, there are no noticeable dings, pits, scratches, gouges, etc. Quite
apart from collectibility issues, it doesn't need refinishing.
I would add that, in my view, given the scarctiy of that gun, I doubt that
a good refinish would hurt the value, primarily because of the condition
of the current finish. Clearly, if that gun were NIB, it would be worth
a lot more than it is now. It is worth a lot now - just because of its
scarcity. The thing about refinishing that gun is that its impossible to
recreate the original finish. It would always look like something out of
the 1930's or so, which is not what it is.
If a scarce gun is really worn, I don't mind having it refinished. The
value of a really worn gun is pretty-much beat down, to reflect its
condition. Refinishing it is a trade-off ; the value probably won't be
any more, but it will look a lot better.
On the other hand, if the gun is rare - meaning there is something special
about the gun, then refinishing is probably not a good idea.
Later, Mike Priwer