Found a m54 Super Grade in Small LGS in 270. Looks to be in good shape, original but drilled for Leupold 1 piece scope base w rings. Has a sn indicating from 1935.

Opinions on a fair price range or any “gotchas” to look out for?

Too bad about the extra hole. I’d look for any modifications to or refinishing of the gun. There aren’t a lot of SG’s out there.

M54's typically need more than a hole drilled and a base mounted to be scope friendly. It may have a bolt handle alteration, a modified Safety, etc.

Originality, condition & price! The drilled receiver largely knocks out collector value except as "placeholder". That said with qualifications. That stock IF it is original, itself quite valuable. The SN/year of the rifle suggests it's original to the rifle vintage. The most common stock alterations are modification to accommodate low scope bolt handle and recoil pad!

First thing, to be sure the stock you're viewing IS an original Super Grade. An exemplar below of such. If the stock is original and the rifle "original' but for top mount holes, value is still there as presumably viewing a handsome stock rifle. Overshadowed by the Model 70, but quite adequate in its own right.

Super Grade bottom metal in pix along with original pistol grip cap below. Original stock pads those times, uncommon but 'possible'. If so & original, it's hardened & falling apart! If red, showing "Winchester" name, maybe OK replacement - needing to check length of pull. Should be approx 13.5" ~. Sling swivels as to be viewed below "deluxe. Bolt handle shown below, exemplary of original. But sowing unaltered and stock as unaltered - no handle cut! The ordinary butt plate identical to the steel version of he Model 70.

Hope this gives you 'flavor of correctness' in measly five photos! But here, 'essence'.

Best & Good Luck!
John

My theory about extra scope mounting holes in 54's is that they were mostly all done in the 50's-80's when scopes on hunting rifles really took off. Previously, serious shooters who wanted scopes on their 54's leaned toward externally adjustable scopes - think Unertl, Fecker, Targetspot, etc. Such scopes were optically infinitely better back then than commonly available "hunting" scopes, and didn't require the addition of d/t'ed holes to accommodate them*, nor do they require bolt handle alteration. Safeties were still a PIA to operate, but such is life. As far as I'm concerned it is still the best way to scope a 54 if the last degree of accuracy is desired, especially more so since collector value is a factor.

The only good thing to have come from those old Bubba techniques of d/t'ing, handle altering, and recoil pad installations is they provide we modern gunners who like to shoot/hunt them with (relatively) cheap rifles, allowing the "collectibles" to retain their value by sitting in the dark of our gun safes.


* For the uninformed, the protocol was/is to mount the rear scope block via the factory d/t'ed holes on the receiver ring, and install the front scope block via special blocks that fit into the barrel dovetail slot.

Thanks guys. Went back to look at it again and bolt handle definitely modified for use with a scope. Going to pass.