FWIW, Cody letters can be quite inaccurate as I purchased an LC Smith grade 3 a few years ago and sent to Cody for a letter. When I received the letter from Cody All the info was correct with all matching serial numbers except the letter said my gun was a grade 2. Mine has grade 3 engraving and is marked grade 3 on the water table. I called Cody and they said that was how the gun was recorded in 1903. Some one in 1903 goofed so I guess the Cody letter does not mean much OR is more valuable?