A refinished gun is not a collectible gun to almost all collectors. You cant decide what is original and what is redone and original condition is one of the key things collectors. Thats not to say a well done refinished gun does not have a market but just different buyers as a rule. If it is rare a collector might buy it anyways until they can find a non refinished example just to fill a hole in their collection.
As to price it comes down to how good the work is. A nicely refinished gun should bring 80% of what a non refinished gun in the same condition and a refinished gun can never be 100%. Its refinished so I put the top end at 90-95% max.
Some guns are so often refinished like Model 12 & 42 that all high condition and all high grades must be examined with extreme care. Some refinisher are as good as the factory ever was. But the telltale signs of wear, of polishing and of upgrading can be seen if you know what to look for and pay close attention. My favorite are the guns upgraded with features not available for a decade or more before the serial numbers. Winchester did not pull guns out of sequence and store them for 10-15 years like one seller tried to tell me.
