I have a gentleman near me who wants to swap is Winchester 1892 in 38-40 for my m1 carbine. His Winchester is a 20” carbine with no saddle ring. Does this make it an Eastern carbine? What do you think of the trade? My carbine is worth about $1400

Interesting 92 not sure it’s an eastern carbine though but it definitely has special features. IE no saddle ring and a rifle buttstock. The wood also looks like walnut.

I'd make the trade, assuming all looks good with the 92.

How much will you shoot either one?

I as a collector piece, no. As a shooter, you would have to look at shootability. The 38-40 looks as it has seen some use. How is the barrel and how does it cycle. A lot of those old lever guns are so worn,they jam easily. Of course same could be said for M1 carbine. It might have been one of the ones DCM ( now CMP) sold for about $19 back in the 60's-70's