The Winchester Model 54 was the company's first successful sporting bolt rifle. Just over 50,000 were made between 1925 and 1936 when it was replaced by the Model 70. The M54 is probably best known as the model the 270 Win and 220 Swift were introduced with. Knowledgeable collectors (I am neither) have estimated about 15,000 unaltered rifles remain with many being modified over the years to mount a scope which the M54 was not designed to accommodate.

This is about a sample of the Standard Grade 24" barrel version of the rifle made in 1931 chambered for the "30 GOV'T 06" cartridge I came across in a country store in northern VT.  Although not mechanically altered and with a bore that looked hardly shot it was in rough shape cosmetically.  A previous owner had sanded off the original finish and most of the checkering as well leaving a ghost of the original pattern visible. They had splattered on a coat of shellac without taking the action out of the stock as much of the adjacent metal was covered as well. But that had to have been a long time before as most of that was cracked and had flaked off.

The first thing I did was scrape off the remaining shellac which came off easily without affecting the stock surface any further. After cleaning shellac off the metal I treated the stock with BLO leaving all the character bumps and bruises as they had been made. 

The barrel had lost most all bluing and the rifle must have lain for a long while on the right side in a cloth case or wrap as the barrel was pitted all along that side from forestock to the sights. The rust had been cleaned out leaving dark pits on the now mostly white nickel steel barrel. The receiver retained most of its original finish which was left untouched throughout the process as was the bolt that was left with normal handling wear to the finish. Wasn't trying to make it look new - just clean up the abused areas.

I’m a big fan of these rifles.  Thanks for sharing!

A few more pics.

Sure like those old rifles with character. Metal buttplate and all.

Very nice clean up and restoration.
Seems odd to me a frugal Vermonter would take time to sand the original checkering, as it is utilitarian. Maybe something to do in a long winter as a personal preference.
Regardless, looks much better now, and as you say, if it could talk.