I don’t see that many Winchester 92’s lately and I’ve yet to see one with an octagon barrel on any of the westerns yet I know that they made them that way. Was there any advantage in an octagon barrel over a round one?

The octagon barrel presents an aura of earlier eras. To my mind, something of a contradiction for many in the model 92 Win as 'otherwise', a slim, trim easily handling/pointing lightweight rifle. Such simply not commensurate with the beefier octagons. Needing to say this is my impression and reasoning. Conversely, the least popular also a century later amounting to spectrum 'from less common to rare'! Such in collector parlance. I've always been about "the package" I find personally more attractive. Though I woundn't walk away from a super deal, I wouldn't seek out a '92 with octagon barrel as first choice. Same even with 1886, though I do know likely my view considerably minority. My only octagon specimen is a Marlin Model 1973. An overrun of their Zane Grey commemorative , target of opportunity, "tapered" octagon barrel.
Check out the Win Model 53 too!

You pays your money & you takes your choice!
Just a personal... My take
Best!
John

IIRC in 1894's the ratio was 9 octagonal per 1 round barrel for their rifle models. I assume the ratio for other models was close in comparison.

Biggest determining factor to value is condition. That said, if you have two model 92's of exact same condition, one a rifle the other a carbine, then yes the octagon {rifle} is generally worth a little more as there were fewer rifle versions of the 92 made. It is also more rare in a 92 as most were carbines. Also have to consider who is buying and what they want. While they definitely made more carbines, they seem to be the guns most used and are therefore way more difficult to find in really nice condition. While fewer of the rifles with the longer octagon barrel and crescent buttplate were made, it is usually easier to find a nicer one of those as they were bought for a hunting rifle and treated gentler than a saddle carbine carried and typically used as a tool.

A lot of good advice here, and to further the conversation, I think the Value of an Octagon Barrel over a Round Barrel, is subject to each individual, collector, or Hunter. IMO!
The numbers have been skewed over the years,for Oct. vs. round Barrel's, as more and more research has been done, by Winchester Collectors, as their is currently a Survey going on, by WACA ,
Collectors, on Various Models, including the Model 1892/92 Winchester!
I would love to see this question posted on the WACA Forum.
HS58

I never thought about the difference in a rifle being rare and collectable verses one being more desirable because it was lighter and handier. My 92 was step-dad’s fathers .25-20 with a octagon barrel. Muzzle heavy for a mini cartridge and I could never figure out what to shoot with it? It is a 1907 from the Cody letter that they sent me, but they couldn’t tell me anything else about the rifle. I’ve probably spent $75.00 other places and got less return on an investment, but that letter comes to mind as an example.

A Cody Museum Letter is a great document to posses for your Firearm if you choose so. As I also Choose to, and have had, and still have Many.
Especially for the Collectable Firearms.
Don't Discount the Valuable knowledge the WACA Members provide the Cody Museum share, as the two work Hand in Hand together,
to provide the utmost information available to All!

The Red Book of Winchester Values, which is produced by two WACA members, gives values for the model 1892 with round barrels. It states to add 10% for octagon barrels.

Good Point!

What to shoot with it? James Jordan shot the world's record whitetail buck with a model 92 Winchester in 25.20, back in 1914. It worked for him.

Unfortunately Larry Shennum isn't with us any more.
Regardless you bring up valuable pointers, mainly among Collectors.

It worked albeit badly. If Jim hadn’t broken that buck’s back after multiple shots there likely wouldn’t have been a Jordan Buck.

I think that Deer and Deer Hunting magazine it was ran the story of the Jordan Buck years ago that was an interesting read. Those guys were subsistence level hunters back in those days and Jim didn’t even realize what he had with that set of antlers. A taxidermist out of Minnesota did and he swiped the rack. Luckily Jim had an old photograph of the buck that proved it was his and he finally got the credit for having shot the deer. It was recognized as the world record whitetail for years until Milo Hanson, a farmer in Saskatchewan, beat it in the 1993.

I didn't realize that, as I have a couple nice prints of both of those bucks in my Hunting Den.
I won them at a Whit Tails Unlimited Dinner yrs. ago.

What to shoot with a 92 WIN? That would depend on the chambering. Mine is he 25-20 so gophers & jack rabbits were the main targets. One rural mail carrier

killed winter jack rabbits along his route and made a very good take as they were worth from .50 to $1.00 each for the skins and mink food.

But that was a different time. Now a 22 mag or a 17 would be used.

Mine is shot with mostly cast and is a hoot to shoot at the local range.

That's the first place I look.

All things being equal the octagon barrel gun is worth more than the round barrel gun