It was the first year production 700's in 7mm magnum that used SS barrels and were given a black coating. Hunters weren't ready to accept SS barrels yet. That was changed roughly 1 year later. To my knowledge the 264 didn't have a SS barrel until the current Winchester, but I could be wrong.
How a cartridge is marketed initially can make it or break it. The 7 mag was sold as an elk cartridge that would equal 300 mags on game with recoil in the 30-06 range. It does just that. Of course so does the 264, but most hunters in the day just couldn't accept that a 26 caliber bullet would work on larger game.
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"If you're still doing things the same way you were doing them 10 years ago, you're doing it wrong"
Winston Churchill
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