Just got back from a gun show and managed to pick this up for $300. I already knew that it was missing the forward and upper parts of the handguard and decided to look up parts as soon as I got home.
When I did get home I noticed that the sights looked a little different from what I was seeing online and nothing seemed similar. So to the internet I went for research.

I soon found out that there apparently can be fake Krags, carbines being especially notorious.

Seeing as how my Krag looks quite different from most, how badly did I get stung with this purchase?

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More pictures

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That's not a fake Krag it's just not in it's correct military configuration. That is very common. Krags were sold cheap on the surplus market and many we're modified or sporterized if you will. That Krag you bought if it shoots good it's worth what you paid. The barrel was likely changed or shortened. It was common to install a front sight like that when a barrel was modified. When people refer to fakes they mean someone is selling a Krag as something it's not. Like representing a rifle as a carbine when it was not a carbine. What you bought is a Krag but it's not as it was when it was made. If you like it shoot it and dont fret.

Awesome, thank you.

Next question I have is would I be able to replace that strange-looking rear sight with a Model 1898/1902 rear sight? If not, how would I find out what sight I can use?

Sight screw pattern is the same for all model rear sights so any should fit. Looks like an '01 base under the rear sight.
Bubba really got that one, very "basic" sporterization. But with that in mind you can make it any sort of "repro" you like. There is room to cut the forend back under the band and add a forend piece.
Should be a fun project shooter

You bought a collection of used Krag parts. Here's what I see as still somewhat collectable...
A well used butt plate with no finish
A well used rear band with no finish
Front and rear sling swivels
Trigger guard
Screws for all the above parts
A complete bolt
Complete receiver
Complete Trigger and sear
Gate
Follower
Spring
Side plate
Screw

The original rifle barrel has been shortened, so no unaltered military sight can ever be used with any accuracy for distance. The old screw holes have been filled and ground flush.
You can shoot the rifle as is for fun or sport and get your money's worth out of it.
Unless you're very knowledgeable about Krags and are very lucky to come upon a Sleeper at a garage sale or from an unwary seller walking into a show, you can just about always follow the old rule that say's "you get what you pay for".

Oop's, you've got a Cut Off too.
Anyway, it ought to work just fine for target shooting. It might be capable of being a Tack Driver.

RE: Reply #5. This looks like a functional rifle to me even if has been modified since it left the arsenal (as probably the majority have been). A pile of parts is just that; parts. This also has a receiver, bolt, barrel stock, etc. and appears capable of being fired. As someone who has not had the funds, opportunity or plain good fortune to obtain a 100% correct Krag, I consider the Krag I do own more than a pile of parts and I am proud to have been able to obtain and enjoy it. I joined this forum because of the incredible wealth of knowledge the members possess and because I perceived that there was room for everyone who owned a Krag; regardless of whether it it was a wonderful pristine example or one of the innumerable “sporterized” versions. I hope my reasons for joining were justified.

'Zedson' and 'Suredan' - Welcome to the KCA Forum.

The original rear sight holes appear to be in use on Zedson's 'new' Krag. (I believe Fred G. is in error about their being 'filled').

The 'banded' front-sight is from a model 1903 Springfield and appears nicely mounted. The '03 front-sight base 'dovetail' has been filled in order to hold a commercial front-sight blade.

This front sight was commonly used on 'cut-down' Krag barrels by gunsmiths and even Benicia Arsenal, when they shortened rifle barrels to make (the so called) DCM/NRA carbines.

A lot of us like the look of the practical Krags that were adapted for Hunting. They are fun to use, but, not real valuable ($275 to $325) depending on the quality of their parts.

I would recommend Zedson shoot his Krag, 'as is', and see how he likes it. Its appearance could be greatly improved by attaching a 'tip' to the forearm.

BTW - One of my favorite Krags is my Faux NRA carbine put together from "Parts".   

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Don't listen to the negative Nancy's. To obtain a unmolested pristine Krag your looking at 1000s of dollars potentially depending on history and documentation. I got a sporterized Krag from my Grandparents. I spent hundreds restoring it and some of the naysayers on here would turn there more up to it. But its my most prized rifle and I have many. Beauty is in the eye of the beholder. I hope this doesn't turn into a Corvette forum type mentality. Congrats on your find and eBay is a great source for parts. 

Nothing negative here just facts. That is not a original issue Krag,
but it has some original value parts and it can be a fun project shooter. many of us have originals and "fun guns". Be advised that this is NOT and never will be a "corvette" forum.

I'll bet that whoever it was that last used it extensively, they had it sighted in for the ballistics of some specific hunting load that they liked.
Like I mentioned earlier, with the right load and the right shooter, it might very well be a real Tack Driver.
You probably got it to shoot, didn't you?

Hi Zedson,

Lots of Pieces and Parts currently listed on eBay if your interested.  Also listed are a selection of stocks and handguards which don't come up very often. 

When I refurbish firearms eBay is one of my goto sites along with S&S Firearms, GunBrokers, Grandpa's Gun Parts, Sarco and others to name a few.

Main thing to remember is do your homework/research to minimize possibly expensive mistakes if your going for period correct.  Otherwise, modify it the way you want.  On a side note, I was thinking about dressing a Krag up like an AR-15 but that would be going way overboard! ;)

I see your Krag and it just begs to be loved... In a manly, fix-it-up kinda way of course! ::)

Have fun with it and happy shooting.

The rifle you have is a fun version of the Krag rifle. Many of them are sporterized like yours is. They still can shoot well, if it is not damaged too much. Have the bolt and chamber checked. The bore needs to be looked at to make sure there are no obstructions. Even a well worn bore can still be a great shooter!

You also appear to have a nice sling on your rifle. I can't quite tell if it is an original sling but it fits well and looks good.

Enjoy the hobby of Krag collecting and shooting. Maybe you will keep looking and find a correct military Krag.