"It is almost folk-art in a way. But a bit too refined for that perhaps."

The relief inlays look like better talent than the scroll and other metal work. It's usually the other way around.

Plus the use of different K'ts gold, looks like 'green gold' in a couple of the figures. That's generally 18K sometimes 14K and not easy to work with.
Plus silver or white gold (I don't think platinum). White gold is even harder alloy,,usually 10k. Very tough to inlay with.
Not the type of odd scraps you have around the home workshop normally to tinker with, especially the colored gold alloys.

Then the scroll and background looks crude,,both layout and execution. I still think acid etch was involved.
Perhaps more than one person lend their 'talents' to the project. The inlays could have been added at a later time to spice the looks up.
Easier to do overlays than flat/flush inlays on existing work.


As far as a record of the rifle goes:
I believe some of the background paperwork used in the auction pictures is a request for a check on the rifle by serial number. The request came back unable to supply any information as the rifle is post 1906.

Picture #18 in the auction listing (the forward portion of the bbl showing the missing front sight). The paper work in the background says 'We regret also having to advise that we have no serial number information on Model 1895's made after 1906'.

I think that's a Marlin letter in the background, not a Cody letter. In Pic#4, you can see part of the Marlin, North Haven CT address on one of the pages.

What ever, I believe the records are missing. (I thought it was 1904 and forward).
Those that fake Marlin L/A rifles by upgrading usually make sure the serial number range falls after the date in question so no factory letter is available to verify their new beauty.
I'm not saying that was done here as I don't think this is factory work anyway,,just as a point of interest and something to keep in mind.