Pretty well used--the former owner used it for grouse, woodcock and quail-- thick cover hunting-- It is a field grade, 26" imp. cyl. with solid rib, field grade buttstock, older ringed forearm, black WRA buttplate-- From what I have read (Dave Riffle's book on the M12) the valuable ones are the pigeon grade skeet models- and a shotgun used for clays and NOT field hunting in thick cover usually tends to be in better condition, as to both metal and wood.
But when I obtained it some years ago, I tended to believe the M12 "collectors market" would hold up-- maybe yes, maybe no-- But our Cabela's ?Bass Pro Shop/ conglomerate is NOT buying M12's, M42's, Belgian Browning A-5's now-a-days-- guns that a few years ago, if they didn't have Cutts or Polly-Wanna-Cracker chokes installed, were good items to have- like pre-1964 Model 70's etc. Now--not so much.
I don't have a lot "into" this small gauge "Perfect Repeater", and as I love the original WRA M12's I plan to hang onto them, and leave them to my grandsons, as both my father and grandfather did for me. I can only hope that they will live in a time when hunting birds and waterfowl opportunities will still exist--nRWTF