I think differently - That looks to me like there may have been a rust spot on the barrel that someone tried to clean off. The area is defined with a circular line and another area that appears also to be corrosion. If the inside of the bore is spot on clean then it should be possible to smooth the outside of the barrel with 0000 steel wool and reblue it. This doesn't look like any welding to me. Just simple metal corrosion and probably not enough corrosion to have affected the integrity of the barrel. I would have to see it and feel it for real to know for sure so I would be unlikely to buy this from an on-line auction for example unless the price was dirt cheap.