Serial#'s on centerfire longguns have been required since at least 1938 (Federal Firearms Act 1938,,don't confuse with National Frearms act 1934)
FFA'38 also first made it a Federal Felony to remove, alter, ect the mfg applied ser#,,also felony to possess a firearm with an altered, obliterated, ect ser#.
(All the GCA68 did was add RF long guns and shotguns to the list of firearms required to be ser#d at mfg or import. With that, all catagorys of firearms were then required to be ser#'d.)
The WRACO marking in question is an obliteration of the manufacturers applied ser#. There seems to be theorys but no hard evidence how/why it was done but the best is probably the fair trade price agreements some retailers ment to get around and not be tracked back to.
There's no history of Winchester Service Dept ever defacing it's guns sent in for service with that marking.
The matching removeable lower tang will on most case have the correct ser# in place,,but there is no way to tell if the lower tang is the matching one to the original firearm.
Like a S&W w/the ser# ground from the butt and the ser# taken from the back of the cyl is assumed to be the guns correct number,,thats a big assumption.
Wether the ser# defacement and overstamped WRACO marking was done by a retailer, a supplier, refinisher, whatever, it is one thing above all,, a defaced manufacturers serial number.
If it was some historical footnote in Winchester factory refinishing practices, by now someone would have factual documentation of the practice and I suspect an ATF C&R enrollment for these defaced ser#d guns.
Something like the movement of the factory documented less than 16" bbl Trapper lever actions from the NFA list to the Type 1 firearm C&R list.
People did lots of things to firearms back in the 1800's and early 1900's. Not much was thought of ser#'s, bbl lengths, OAL ect.
Now we are under a tremendously complicated set of regs,
Those regs and specs have come about after many such 'alterations' were done to these older guns but they still apply just as well.
I still feel the same,,stear clear,,it's a plain jane 94 w/an altered/obliterated ser#.
There's just too many others out there.