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5.4s were Inland numbers
5.5 and 5.6 Winchesters. I know that in the 5.6 range the rear sights are a mix and carbines made on the same day can have a flip or type 3. The staking can usually determine if it came with the later sight or not. Heavy punch front and back in appropriate slots.
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Is it just me?
Or does the stock look like it may be a cut down from Hi-wood?
Judging by the top right rail.
Also the bottom of the forearm/right side/ forward of the mag well looks as though it's had damage sanded/rounded off.
Could just be the pic angles......... but just not 100%
CH-P777
Info On A $20 M1 Carbine? - Calguns.net
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Charlie I think you're right. Plus no milling marks of a low wood and not lining up with the handgaurd it looks like a cut down highwood. Stil a very nice carbine.....Frank