I have never seen a hammerless Parker with the shield anywhere but on the bottom of the stock between the grip and the toe of the butt. Exposed hammer Parkers of the lower grades, as Austin notes, up to and including grade 2 guns have the shield on top of the stock, foreward of the grip right behind the top tang. Grade 3 and 4 guns with pistol and semi-pistol grips as well as straight grips have the silver oval also on the bottom of the stock while grade 5 and above have a (pure) gold oval inset in the grip cap or in the case of a semi-pistol grip the grip knob is capped with a domed gold cap. Straight grip guns have a gold oval on the bottom of the stock. Grade 6 guns are much the same as grade 5 in the location and type of oval or cap while grade 7 and 8 may have been standardized like grades 5 & 6 but were entirely up to the buyer in what was used and where it was put.
Qualifier: These are standards and there could be any number of deviations in existence. Parker Bros. would do about anything the buyer ordered (within reason) but grades 3 and below were usually "stock" guns ordered by hardware stores and large sporting goods stores so a "special order" gun with deviations from the standard would be a rarity.
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