Manufactured in 1897, this rare Winchester Model 1886 carbine is an incredible example of the "highly finished arms" that the company were capable of producing in the late 19th and early 20th centuries. This particular example is documented as having been a display piece for Winchester at many of the plethora of exhibitions, expositions, and trade fairs held throughout the world during the period. Highly embellished pieces such as this one would have been produced by all of the leading manufacturers during the period to illustrate their quality and artistry to the millions of potential buyers who attended these popular fairs. The included factory letter lists the serial number applied on 3 December 1897, carbine configuration, .45-90 caliber, half gilt and nickel finish, fancy checkered stock, "$5.00 engraving", and "NY Ex 98" when received at the warehouse on 6 January 1898. The letter also lists multiple shipment and return dates, which will be covered below. This combination of special order and deluxe features is extremely rare in the Model 1886, particularly in carbines, which were often purchased in standard configuration to be working guns. According to John T. Madl's research on Model 1886 carbines, only three are listed as having $5.00 engraving and the half nickel-half gold plated finish. Madl notes only 13 carbines listed with a fancy checkered stock and carbine butt. Further adding to this carbine's rarity, Madl notes that only 941 Model 1886 carbines were chambered in the powerful .45-90 W.C.F. caliber. This carbine's rare and ornate configuration makes it clear that Winchester intended for it to be an eye-catching showpiece at the exhibitions it attended. Interestingly, serial number 114694, previously offered here at Rock Island Auction Company as Lot 68 in the September 2016 auction, is essentially an identical twin to this gun, with the pair being consecutively numbered and the numbers being applied on the same day. Serial number 114694 was received in the warehouse one year and eight months after this carbine, both showing the amount of time this level of embellishment could take, as well as the popularity this piece must have shown during its debut in 1898. It is unclear if the third engraved, nickel and gold plated 1886 carbine listed by Madl was a match to these two. Though these two carbines were produced by Winchester as a matching consecutively serialized pair, it appears that they parted ways upon completion, not sharing any shipment or receipt at warehouse dates. This makes sense from a business standpoint for Winchester, as they would have garnered double the exposure to the public by sending these essentially identical carbines to different shows. Given the extensive list of shipment dates for this specific carbine, it is clear that it made appearances at a plethora of fairs, with some of the likely candidates being the Trans-Mississippi and International Exposition and Greater America Exposition in Omaha, Nebraska, the Exposition Universelle of 1900 in Paris, France, the Louisiana Purchase Exposition/St. Louis World's Fair in St. Louis, Missouri, and many others that remain unknown (see factory letter). From 1904 to 1907 it appears that the carbine may have been in the hands of Winchester salesmen or passing to various retailers for display, given that the language in the letter changes from "received" to "returned", and then the carbine is listed as sold in late 1907, followed by another return date shortly after, and then two return and repair dates in 1910. It was not uncommon for these exhibition Winchesters to be touched up and maintained by the factory in between shows, as it is very likely they received significant handling by the attendees of these wildly popular fairs, and this example appears to be no exception, showing signs of being a well-maintained factory showpiece. The carbine itself shows very attractive factory panel scene engraving, almost certainly by Master Engraver John Ulrich, with Winchester historian and author R. L. Wilson previously indicating the engraving on this carbine's twin was by Ulrich. The engraving itself does not appear to be a standard pattern offered by Winchester, but certainly shows the hallmarks of being John Ulrich's work. The receiver shows extensive floral scroll and wavy/dot borders, a distinct S-shaped Gustave Young inspired scroll on the right above the loading gate, and a beautiful game scene on the left featuring a buck and doe at the edge of a forest. The engraved receiver is gold plated, while the remainder of the components are finished with nickel plating. The barrel and receiver both have Winchester factory oval proofs which were added during one of its returns after 1905. The top of the barrel is marked with the two-line address and the caliber marking "45-90/W.C.F." at the breech. The upper tang has the model marking and is factory drilled and tapped for a peep sight with a filler screw in place. The lower tang is marked with the two-line patent dates and the serial number. The left side of the lower tang is marked "365 XX", with "365" repeated in the stock inlet and inside the buttplate, which is also marked "969" under two dots and with a sideways "S". It is fitted with a pinned beaded blade front sight, folding ladder rear sight factory modified to a two-lead type, and a saddle ring on the left of the receiver. It is mounted with an extremely finely figured, H-pattern checkered forearm and straight grip stock with a carbine buttplate, which has a flourish of floral scroll engraving.

Very fine, retaining 80% of the factory nickel plating with some scattered patches of speckled light flaking. 40% of the factory gold plating remains with some mild wear and flaking, typical of such an exhibition piece. The exquisite engraving remains crisp overall apart from the flourish on the buttplate which is slightly softened. The wood is exceptionally fine with a few scattered light handling marks and crisp checkering. Mechanically excellent. This is a well-documented and well-traveled, John Ulrich factory master engraved, Winchester Model 1886 carbine manufactured specifically for display at various international exhibitions. Exhibition firearms are among the most desirable of all American and international firearms. Winchester held nothing back when creating their extravagant display pieces to impress potential clients.