Nice old Field Grade. According to the serial number chronology in the second edition of Walter Snyder's book, the gun is from late 1920. Is it marked "Smokeless Powder Steel" on the tops of the barrels? The only Flues-era Ithaca Gun Co. catalogue I have that mentions chamber lengths is the last one, 1925, and it states 12-gauges are regularly chambered for 2 3/4 inch shells.
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