Really, really old firearms are better left untouched, IMO....
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Timothy, I tend to agree with you, unfortunately or fortunately, 22 rimfire bolt actions aren't worth much, unless they are target models, Win 75's or 52's, Rem 513T, etc... the 510, 511, 512 remmies have some value, but not like the aforementioned. So they give an opportunity to to practice refinishing. The Marlins, Stevens, Savage and house brands won't bring you much, but are probably great shooters. So refinish them and make them look great. I do have a 1940's Marlin 39a, that has great metal, the stock was so so, and I did refinish it, but back to original, and took great pains to make it look so.
The wood finishes of old were oil based, and mainly because nothing else was available, except paint, and the wood was traditionally Walnut, and there was plenty back then, hardwoods really did not come into the picture until WW2, when the demand went up, birch usually for the US Govt. Most production civilian arms were still American Black Walnut and nothing takes oil better, and looks so spectacular.
As to 2 recent posts, the Savage, our poster wants to restore, does have some value as a pump, but not enough to sell it, make it pretty and get some experience in bluing and wood refinishing. If it does not come out perfect, you still have a great working firearm. Right now I have a Remington model 81, to make work mechanically, the magazine is bent and won't take rounds or feed them, 1st one I've ever worked with, neat project. Won't be a money maker, but how many smithies have worked on one of these in the last 50 years??? Challenge = fun in this case, I hope.
Now would I refinish a 1892, 1895 Winchester, probably not and if I did, I'd turn it over to Doug Turnbull, where it will come out traditional but better than original, with his color case hardening technique.
Honest Patina, on the metal to means, well HONEST, a war map if you will of the guns heritage, and I like that.