Of the three grades you suggest Craig, I prefer the Grade 1 or PH.
I feel like such a fool and I really need to have my head examined because one walked into the show on Saturday that, if I had any intelligence at all, I should have bought. It was very easily in the same condition of the NH that Dave shows but it was a twenty gauge with fabulous twist barrels, exceptionally nice wood and virtually no flaws... it was just beautiful... I'm such a fool. The guy wanted only $4995 for it and I believe it's value was considerably higher.
Anyway, back to the original question - The grade 1 is my preference because of the classically understated engraving, better wood, availability of either a capped pistol grip, straight grip, or round knob grip, Also, the bold Twist pattern of the barrels is unique to the majority of Grade 1's prior to the introduction of Parker Steel barrels.
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