Ernie Simmons of Olathe, Kansas, a gunsmithing "whiz-kid" and a fairly good skeet shooter to boot-they were involved in the later cost-saving Winchester ventilated ribs for various Winchester shotguns- Model 12's, Model 50's, possibly Model 21's-
The original "Old milled rib" was developed by Winchester in the 1920's- but like so many of the older quality features, post WW11 competition by Remington and Ithaca made Olin-Winchester more "cost concerned"-- Many Model 12's were equipped with Simmons ribs afterwards, some were sent to New Haven by Simmons, and some Model 12's (and others) were fitted with ribs at the Simmons facility in Olathe.
Ernie Simmons was, in a "ham-fisted segue of sorts" semi-involved in a design change in the Model 21 receiver- although my 1938 Winchester Salesmans Catalogue shows a custom grade M21 without the side arrow reinforcement "bosses"- Ernie took a 20 gauge M21- sleeved two .410 barrels into the barrel breech stubs-believe the barrels came from the M37 single shot model-and made a crude but effective .410 skeet gun in M21 configuration. When John Olin heard of this, he had Dave Carlson, Custom Shop Works Manager then, tool up for a .410 M21- and they milled off the side reinforcements and decided the M21 receiver was already strong enough- etc- etc.
You might want to refer to Dave Riffle's excellent book on the M12- he has one chapter in great detail on all the rib variations over the 1912-1964 production run of the "Perfect Repeater"!
As to price- gun show "touts" will try to tell you the M12 market is "soft"- B.S. (IMO) any original unaltered M12 will always bring a solid price to the seller, if he is wise and wary.
The "idiot" who inlaid the whatever lowered the resale value, again, IMO, almost as if he had installed a Cutts Comp. or inlet a small compass into the buttstock- recoil pads, if done properly, are not that big a deterent-
Area gun shop in MI I frequent has two 12 gauge "bread and butter" Model 12's at $400.00- one is a 1922 mfg. nickel steel 30" full, the other is a 1938 mfg. WPS and also 30" full- both are plain std. barrels (best for field shooting IMO) with original stocks, buttplates, 18 ring forearms. orignal front sights- they also have a 1947 M12 3"- 30" Full in same condition at $525.00--
If the price seems right and the gun fits and you like the ventilated rib, well you pays your money- etc--but unless you are in a hurry, shop around. One thing I will guarantee- you will never ever wear out a Model 12-i have tried with the five in my working collection- all were made from 1932 to 1950, and were well used but well cared for before they came into my ownership-I like douboles, but when the money is one the line. make mine a Model 12- every time--