I have a Winchester model 12 in 16 gauge. It was made in 1929 and has a lot of sentimental value to me. She was exposed to a humid environment before I inherited it. There is light pitting on the outside of the receiver. The internals and barrel are in very good condition for a 95 year old.
I am thinking about refinishing both the steel and wood. I don’t think they are highly collectible and I would like to preserve her for another 95 years.
Before I would consider rebluing I'd try going over the metal with a Frontier Big45 Metal cleaning pad and Kroil. I rescued a S & W revolver that looked like a reblue would be the only way to restore it. The revolver had been stored in an attic under fiberglas insulation for 30 years. It cleaned up beautifully and the owner was delighted with the results.
I am still hunting with a few M12’s in 20 & 16 ga built between 1913 & 1920 my favorites all have plenty of wear and as far as I am concerned it just makes them more interesting
Without hesitation, I say “don’t do it!” The nearly 100 year old classic has earned the right to look like it does. As you say, the barrel and insides are in very good condition. So no doubt it functions well. You’re all set. You inherited an honest gun. Keep it so. If you want a new gun, buy a new gun.
Deadlines and commitments, what to leave in, what to leave out...
Just bought one yesterday that looks just like that. Mine is a 1953 model in 16 gauge with a 26" improved cylinder barrel. Best $200 I spent this month. I would never refinish. Just steel wool and WD-40 and take it to the gun ranges and show those bittering, sparkly, guns and their owners what a true hunting gun looks like.
I have 3 Mod 12 16 ga. shotguns and use them more than the Italian autos and fancy O/U's. I bought a 1953 0r 54 a Mode 12 16 gauge a couple of years ago in 90% or better condition for $550.00. 28" Mod barrel and I use it 90% of time time. I believe you can find a nice used one for less than refinishing yours. Put yours away for keep sake. You'll have do do some looking but they are out there. They really haven't gone crazy price wise and younger hunters want plastic stocks and camo, while us more "mature hunters" like Mod 12's, Savage 99's and Winchester Model 70's. It took me many years, but I'm back to blue and waln!ut