I've got an Underwood. It's a good rifle. The op rod used to rattle pretty bad till I sent it, the op rod, to Columbus Machine. I'm no expert on current values and I might be wrong but I think $1200's on the high side for an Underwood. Underwood's aren't considered that rare. If it was a Rock Ola, Saginaw Machine or Winchester maybe.
It's my understanding these are all pretty much parts guns as there were a lot of war time mfgs. making various parts for M-1 Carbines as well as armory refittings after the war. Mine has a Springfield barrel that was installed in 1952 during the Korean War.
