That looks like a great candidate for refinishing.
As an aside, I had a very interesting conversation with the late Brad Bachelder regarding the refinishing of a 16 gauge Parker hammer gun. The gun is in excellent shape, but the finish was removed.
Brad said that some would poo-poo the gun for being refinished, while others would be making a run on buying it.
There is probably a percentage of original finish that would be considered a threshold you don't cross on an all original gun. What that is would probably depend on the grade, and historical significance of the particular gun.
What that % of finish is, I don't know.
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