It is based on whatever the factory deemed to be an overload based on their standards. At least in Meriden. On the repros it may be more of a cosmetic mark vs. meaning that every gun is overload proved. Or maybe they were. I do not know for sure. They are at least marked the same way that the originals were. But if I recall, they are also marked with the regular Winchester Proof “wp” stamp. This would also suggest some sort of proofing, to winchester standards.
In the US at least, there is no proof houses like in England and Europe. So it was up to each maker to test their guns the way they saw fit.
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B. Dudley
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