I have a New Ithaca SxS 28gauge Grade 4 late manufacture gun with the Merkel manufactured Krupp barrels and if I recall correctly VGM receiver. The guns is both high quality and beautiful. Fit, finish and function compare favorable to the current Spanish SxS guns retailing over $8k.

On the other hand the early (Italian component) guns had some issues...as did the close out part sets.

Dave Weber
doublegunshop.com
DoubleGun Evangelist
In Charge But Not Responsible