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Seems excessive. If the serial is actually removed... and it happens... you can't sell it through a dealer as he would be required to turn it over to the police. If they become aware of the rifle they will confiscate it. Nobody's going to jail unless you live in NYC, maybe. I would keep it in the family and shoot it...
In some cases the ATF will allow such a gun to be marked with a new serial if there's no reason to believe the serial was removed for illegal purposes. But you can't count on them going along.
Try to locate a serial on it. May still be legible under blacklight or something.
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