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I recently bought a mint 1903 32 acp made in 1928. When inspecting the bore which was also mint, I noticed a perfectly concentric ring about 1" ahead of the chamber and about 1/2" in length. It is visable to the eye and also the depression can be felt with a cleaning rod patch. Was this likely caused by a bullet stuck in the bore being struck by another bullet fired behind it ? The outside of the barrel is not bulged. Will accuracy suffer because of this ?
 

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Sure sounds like you've correctly diagnosed it. It's hard to say about accuracy. I've never checked out a handgun with a ringed barrel for accuracy.

I thought I was THE astute gun trader of all times. Then several years ago I was offered a 1958 vintage Winchester Model 70 Supergrade in .243 for $600. I looked it over carefully, withdrawing the bolt to squint up the bore. Everything looked fine so I bought it. I wasn't a big fan of .243 but was a fan of pre-64 Model 70's.

I happily took it to the range to wring it out off the bench rest. The first 5-shot group was a 12-inch pattern at 100 yards. I was aghast. Knowing the idiosyncracies of the Model 70 fore end screw and action screws, I began tweeking them in a vain effort to make the rifle shoot.

Perplexed, I took the rifle home to begin a regimen of cleaning so as to clean the bore of any fouling buildup. Imagine my chagrin when I passed the first wet patch down the bore only to have it jump a gap about an inch shy of the muzzle. Sure enough, there was a detestable dark ring when looking from the muzzle end of the barrel. It was barely visible from the outside if one held the rifle just right in the light.

I ended up selling the rifle to George Weimer for the $600 I had in it but my ego was wounded anyway. There went my good deal. It galled me to see Weimer's ads in the "Shotgun News" for the next six months offering various Supergrade Model 70 parts for sale.
 
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