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Interestingly this is a No. 1 SN 23404 (probably a "transition gun") with Birmingham Provisional Proofmarks (after proving the "rough forged tubes") on the Laminated Steel barrels. Quality No. 1 had Laminated steel 1890-1898, then "Good Two Rod" Damascus until 1907 when Special Steel was offered.
The barrels, when finished in "black & white" will look something like this