Sleeved means that the barrels have had their ribs removed. Then the barrels are cut off in front of the chambers. The monoblock is what is left. Then the old chambers are bored out to a larger diameter. New tunes that are oversized are turned to insert into the monoblock. They butt up against it where it was cut off. That is the seam you are seeing. The tubes are profiled to match the monoblock. And then soldered into plate. Sometimes welded. If you look at the breech face, you will see the line where the tubes meet the original monoblock. Then the ribs are put back on.
This was done a lot years ago when people thought that composite steel barrels were unsafe to shoot.
Yes, value is reduced greatly. But if done well, it can mean a very shootable gun.
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B. Dudley
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