What a bizarre job! Engraving on a stamped floor plate and trigger guard! Very Germanic checkering treatment (more is better!). The barrel seems to be original (WP marking) but why is the caliber marked next to the receiver ring. On Model 54's, like Model 70"s, the caliber is marked out past the sight base on the barrel. (That could be the reason: maybe when they removed the sight base the lettering went with it.)
My diagnosis: during the Occupation a soldier in Germany had the Rod and Gun Club resident gunsmith restock and "embellish" his rifle.
Also, at some point the Lyman 48 receiver sight was replaced by what looks like a Williams.
Judging from the cut out in the stock, the G&H mount replaced another side mount with a longer base. The base does not show the G&H slotless screws, but that may be from before using them became an accepted practice. The bolt handle is nicely done,
