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From the unevenness of it and the shallow depth it doesn't look like the work was begun by a professional smith. It looks more like a home "gunsmith" wanted to make the grip less slippery in his hand so began a job and stopped.
The work adds nothing to the value or looks of the piece and detracts from both.
This is an old G.I. gun that likely changed hands a few times. It's a shooter, shoot it.
tipoc
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