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According to my reference your friend’s Winchester model 12 was made in 1920. They made 26,189 of them that year. Value would depend on the gun’s condition and any alteration that might have been made to it. In general non-factory alterations reduce the value. Where you are located makes a difference too. Look around at local gun shops or gun shows and try to find another one like this gun and see what the asking price is. Also watch to see if it moves or not.
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