That is definitely a Grade 1 (PH) with replacement barrels. Look where the radius of the barrel breech doesn't quite conform to the radius of the frame... that little gap tells me that those barrels were probably not original to the gun. Parker Bros. would not likely have let a gun out the door with that tiny imperfection. Nonetheless, that is a very nice gun and I'd be proud to own it!
The barrels have been refinished as well. Indicator is the vent hole drilled in the bottom rib.
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