Thanks so much for the quick responses guys! I definitely am thankful and appreciative of the gift he passed down to me.

Butlersrangers, I sincerely want to extend my gratitude for the information you provided. Knowing just a little more about the history makes it that much more interesting, and I have you to thank for that.  I figured the value would have taken quite a hit due to all the changes, but I appreciate your assessment regardless! I will also take your advice about having the gun checked out as I want to be sure the structural integrity is sound before attempting to put anything down the barrel of a 117 year old rifle.

On my first picture, if you look closely the barrel is stamped 7x57 underneath the serial number with some initials, but I rather not just take the stamps word for it. Thanks again!