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I would have to disagree with an above value. I have collected and studied Winchester 1894's for 30+ years. The old carbine has some issues that collectors stay away from. The overall condition is only fair. The barrel has been shortened and both front and rear sights have been changed. The wood has been refinished and the forend appears to be 1950's vintage. The magazine has been shortened and swivels installed. The inscription on the left side is also a value reducer. HOWEVER if this old cabine could talk could you imagine the stories it could tell.
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I totally agree. Its not the most valuable gun but a cool piece of American firearms history nonetheless. I am almost certain (without looking) that winchester did not make any 94s in 19in barrel lengths unless of course on a custom basis. I couldn't see a knowledgeable collector paying even $500 for such a gun but then again, you (the OP) never disclosed the caliber which could make a difference albeit small. Also, there is no point in restoring a gun with this many issues ESP the cut down barrel. There is no way to add length onto a barrel, it would have to be replaced. If the barrel was an original length, it still would be a borderline decision. The problem with establishing the value is that a hunter would not want it due to potential issues with wear coupled with the age and possibly the caliber and a collector would pass on it (unless it was a bargain) due to the condition and blatant alterations. These guns can be hard to place a value on. Its a gun that would have to be dumped at a gun auction to see the results before true worth could be established.