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I believe this particular rifle was one of the first #7's made by Hamilton in 1899.
I got it from a man who received it from a friend 40 years ago as a gift. At that time he was told by his friend that the lack of most of the markings on the butt plate were not there (see photo) because of the first run forging and they had to readjust the stamping. Also on the first ones they used more plating and subsequently on latter batches they lowered the amount of plating used. Please notice the plating on this rifle in the photos is almost complete and heavy.
This rifle is 100% factory! There are no replacements on it. Not even a screw!
The plating looks to be 90% or more?. (photos)
This has not had any work done to it at all.
In the 40 years he had it he never fired it and I haven't either. With that said, this is probably the only #7 that a person would ask you to notice the bore.

Any idea what this maybe worth
 

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They seem to be selling in the 500 dollar range but not quite as nice as your is. Yours could sell for 700 give or take a little. The number 7 is one of the more desirable models. There are one or two other model Hamiltons that are less common and will also bring a fair price. They were a very inexpensive gun often being offered as a prize for some type of boys contest. Some are just plain junk but remain collectible as they fit into a unique category of firearms. While many are in terrible condition those remaining in good condition are collectible and will bring 200 to 300 dollars and more for certain models.
 

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Yes they are exempt, See below.

SECTION III
SECTION III: Weapons Removed From The NFA
As Collector's Items And Classified
As Curios Or Relics Under The GCA
The Bureau has determined that by reason of the date of their manufacture, value, design and other
characteristics, the following
firearms are primarily colle
ctor's items and are not likely to be used as weapons
and, therefore, are excluded from the pr
ovisions of the National Firearms Act.
Further, the Bureau ha
s determined that such firearms are also Curios or Relics as defined in 27 CFR 478.11.
Thus, licensed collectors may ac
quire, hold, or dispose to them as Curios
or Relics subject to the provisions of
18 U.S.C. Chapter 44 and 27 CFR Part 478. They are st
ill "firearms" as defined
in 18 U.S.C. Chapter 44.

SECTION III

Hamilton, models 7, 11, 15, 19,
23, 27, 027, 31, 35, 39, and 43 rifles.
 

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Thanks for your replies. After more searching I found that 44,700 No. 7's were made from 1899-1901, of which Mr. Ringbauer, Hamilton Rifle Historian, Author and Collector, estimates 99.9 percent have gone to "Rifle Heaven", meaning expert collectors estimate only 45 Number 7's in existence. This model sold for $2. when new. I guess because when something broke on these people wouldn't take them to a gunsmith but would just throw them out making them pretty rare. Only 45 left??
So I think I'll post it up on FORUM VIOLATION in a week or so and see if a collector is looking for one. Thanks again.
 

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I think there are more then that still hanging around. The google search will reveal quite a few. It is my experience that when searching Google that truly rare items are hard to find there, especially for sale. I do not know when he wrote that 99.9 percent were gone but since the internet has come into being the number of surviving early Colt Single Actions has risen a good bit. Having said all that the gun is still valuable to collectors and they will give you a fair price for it.
 
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