If the rifle in question is a low-numbered gun (# as noted for Springfield made guns and below 286,506 for RIA guns), then it's value is much affected. It could be that $400 is too much for the gun in that case.
(FYI - An informative article about the safety/risk factors involved in shooting low-numbered 1903s can be found at:
http://m1903.com/03rcvrfail/.
It may be more accurate to say that some of the more than one million low-numbered guns may be unsafe. It is, impossible, however, to determine which ones. There have been 68 reported failures. The recommendation not to issue (though they were retained as emergency stock) was not made until 1930.
I did read a report of a low numbered receiver that was blown up in 2005. The cause was a double charge of H4227.
From the CMP website -
Quote:
*WARNING ON “LOW-NUMBER” SPRINGFIELDS
M1903 rifles made before February 1918 utilized receivers and bolts which were single heat-treated by a method that rendered some of them brittle and liable to fracture when fired, exposing the shooter to a risk of serious injury. It proved impossible to determine, without destructive testing, which receivers and bolts were so affected and therefore potentially dangerous.
To solve this problem, the Ordnance Department commenced double heat treatment of receivers and bolts. This was commenced at Springfield Armory at approximately serial number 800,000, and at Rock Island Arsenal at exactly serial number 285,507. All Springfields made after this change are commonly called “high number” rifles. Those Springfields made before this change are commonly called “low-number” rifles.
In view of the safety risk the Ordnance Department withdrew from active service all “low-number” Springfields. During WWII, however, the urgent need for rifles resulted in the rebuilding and reissuing of many “low-number” as well as “high-number” Springfields.
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Interestingly, there were no reported failures among these reissued low-numbered guns.)
Pete