Yes, you have a 4th year of production, solid-frame (as opposed to a takedown) Winchester Model 1894 (before it became a Model 94) Carbine (not Rifle Model).
Somebody's replaced the normal Carbine/ladder rear sight with a Rifle (model) rear sight, it looks like the stock's wrist has a screw or throughbolt repair for a split buttstock, the original metal finish's just about non-existant (replaced by a "patina" of weathered unprotected metal), and the wood finish is history, also.
While some HOWARD'S FEED 'N WAX may help the wood somewhat, IMHO the gun is worth more as a momento of your Grandfather than any monetary reward.
I would think that an insurance value would be somewhere around $500, +/-, but my opinion's worth exactly what you've paid for it.
Last edited by PetahW; September 4, 2012 at 10:38 AM.