I have a 16 gauge Sterlingworth with cut barrels and .010 choke in both barrels. It's one of my favorite grouse guns. I don't remember how much I paid for it but I've had a formula for buying guns other than Parkers with cut barrels. I'd value them at 2/3 of what I would pay for a similar condition Parker.
Oops, just realized that this is not answering your question. If your friends gun is a 12 gauge, and on face and the barrels are OK except for the cut barrels...I would probably be in the range of $1,200 - 1,500 dollars.
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