Craig R.:  Your Grandfather's Krag, Serial #98829, probably started life as a U.S. Army Infantry Rifle built in June 1898 (at Springfield Armory, Mass.).  The Stock has been shortened in the forearm area to make it into a handier length for hunting.  It appears the barrel band has been ground to remove the sling swivel and now has an open 'slit' and uses friction to hold it in place.  Your rear sight is a commercial sporting sight made by "King".  Your barrel has been altered by being 'dovetailed' to hold the King sight.  The original sight would have been the 1896 model Krag sight and held on by two screws.  The tapped holes for these screws may still be present on your barrel.  The "medalion" is filling the wood opening for the rear sling swivel and probably bears the name of a previous owner (G.E.Wait).  You have a nice looking sporterized Krag with a family connection.  It would be interesting to know the barrel length and see a picture of the front sight.  Chuck