"TNrifle" - Welcome to the KCA Forum. You can learn a lot about Krags by going through the many old posts preserved on this forum.

Your Krag, #241740, was likely assembled in December, 1899, or January, 1900, as a model 1898 rifle.

Your rifle's serial number does not appear in Springfield Research Services Data (SRS data), but, model 1898 Krag rifles, #241742 and #241743, were issued to the Maryland National Guard in 1904.

(Your rifle not appearing with the considerable neighboring rifle serial numbers, that were issued to the Maryland N.G., pretty much guarantees it served elsewhere.
Only a small percentage of Krag serial numbers were found in official documents and appear in SRS data).

Bannerman's did a rather crude job of 'sporterizing' Krags.
Judging by the good quality 'aftermarket' sights put on your 'cut-down' Krag, the work was likely done by one of the 'legion' of gunsmiths that did this work in the 1920's and 30's.

Your 'peep' sight is the Redfield - model 102K.
Originally, Redfield instructions recommended just 'tossing' the magazine cut-off lever.

In time, it was realized the absence of the cut-off shaft added an area of roughness to the cartridge feed path.

William's Gun Sight, in the 1970's, recommended positioning just the cut-off shaft in its hole in the receiver, with the 'lever' removed.

(Rather than waste an original Krag "Cut-Off", just a shaft can be made and shaped from a large diameter nail).

Attached pictures: 102-K sight, Redfield instructions, William's description, model 1898 cut-off lever, 'Arrow' showing cut-off shaft in 'Cartridge-Feed' position.

---