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Buddy has one and it is about 75-80% near as I can remember. It is all original though and has the solid rib on it. Based on what you guys see for fair market value, thinking $450 to $550 is a fair value? He may be selling it to fund something else. Thank you
That's fair.
Value of Winchester M-12's prices value's do vary by the region of the country yet overall M-12 prices IMO peaked in 2006 and have been declining since.

Solid rib M-12 are rarer and more desirable. The younger shotgun buying generation wants camo stocks and choke tubes and honestly has no idea what a M-12 is.

In my area M-12 nobody wants them anymore....they just sit in the used gun racks. They sell faster if the dealers would cut the barrels down to 18 1/4 inches.

At 85% I say $450.00 tops.

Doc
Thank you for the feedback.
I think another factor that kills older shotguns values is their inability to use steel shot.
Is it marked "Nickel steel". If so, I might be interested.
The Heavy Duck hit the street in 1935-1936. Proof steel was produced beginning in 1931. Don't think I've ever seen a nickel steel Heavy Duck.
I have a 1958 Model 12 Duck with a milled matted rib unfired with the hang tags. Afraid to use it. I wouldn't take $2000 for it. Hard to find in this condition.
I'll have to look into this.
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