The second photo in your string shows the lugs polished off onto the barrel flats. I see this all to much on refinished barrels and it just isnt good.

My only reason for posting those pictures was simply so that people could appreciate the interesting and unusual features of the gun, not necessarily to elicit a critique of its perceived faults.
It is a pretty 12 gauge on a 1 frame that feels and handles like a 0-frame 16. Wish it was mine.





.

I have a 0 grade 12 ga TL that most definitely has not been refinished, and the inner flats are bright steel, and though I wouldn't characterize them as 'polished', they are certainly 'ground'. The outer flats are dark, matching the overall barrel finish.
I believe the unfinished lugs are significantly wider than the finished lug, and are only ground when being fitted to the receiver, and certainly after the barrel finishing has been completed.
Dave might comment on the radius at the junction of lug to flats, on rough barrels, but I can understand why this surface gets a ground finish.

I have two grade 1 guns both 16's and both hammer guns and both are wonderful guns to shoot. The only difference between a grade 1 and a grade 7 is cosmetic or so I've been told.

Yes I like twist barrels too! This is a 20 gauge hammer gun P grade, Gary

SWEET:bowdown: Lets see some more of this beauty. There can't be many of those around, do you know how many were produced?

Rich not many, Will check into it further and post some more photos, I am out the door to the dentist for cleaning get to the photos this eve, Gary

Rich, After looking in the Parker Story Volume 1 under grades I do not see but 1 top lever 20 gauge, under grade 1 or P grade and it is supposed to be laminated barrels, this gun has twist barrels and is choked full and fuller, I personally have not seen another P grade top lever 20 gauge , the serial number probably makes it close to the last one made like it. More photos

20 gauge P grade hammer gun
 

couple more