It's not even legal to own. The NFA of 1934 made it illegal to obliterate the serial number on any firearm, regardless of age or intent. Just like the old Mauser sporter I bought a few years ago, they're getting by with the number stamped on parts other than the receiver. If your receiving FFL does his due diligence, he'd turn it over for destruction. Beyond that issue, it's terrible. It's obviously been over-polished and refinished a time or two and the engraving is atrocious. I wouldn't give $500 for it, even if it had a good serial number on the frame.