I have always been amazed at how few shields are engraved. As Brian said, that is why they are there. I would not think it would hurt the value of a gun one bit. And if it were old engraving say from an original owner, i think it enhances the value a bit.
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Daniel Webster once said ""Men hang out their signs indicative of their respective trades; shoemakers hang out a gigantic shoe; jewelers a monster watch, and the dentist hangs out a gold tooth; but in the mountains of New Hampshire, God Almighty has hung out a sign to show that there He makes men."
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