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I would find suitable mild steel self coloured screws, slightly counter sink the holes, screw in the screws then carefully rivet the ends over and carefully finish flush, they will always be sightly visible, but if touched up with suncorite and re-engrave the markings it will look a whole lot better, and no issues with heat treatment of the receiver being effected by welding.
I'd go along with Simon with a couple small of reservations. Slightly countersink, insert screws, file to fit flush at both sides. THEN chamfer outer end to match slight countersink. Now mig around the screw and make good. The instant heat over such a small area in such a short time won't affect the rear induction hardened locking surface. Don't forget that this hardening is at the REAR of the left hand locking recess and approx .75" from the welded up hole.
Front hole the same but no need for concern about hardened area there. Make good and have it re-phosphated and painted by BDL. It is what it is!
The trouble with peening/rivetting over a screw in this situation is that you are peening (or hammering for want of a better phrase.....) the screw supported by nothing more than its thread!
But a simple almost invisible fix
As for the $ deduction. It's not much of a collector anymore, just a shooter.
If it was factory done or at an ordnance refurb I doubt very much that they'd have put a hole exactly where the designation is (the front hole just touches the '4' of the '47' production date. The holes would also have been made before final finishing/refinishing, yet there is bare steel in evidence here. These are a couple of reasons why you are being told so universally 'no'.
Still a nice clean rifle & the holes could most definitely be welded over as surpmil & Peter say. I did a similar job on a bubbafied No5 a couple of years ago & it came up almost like new after a bit of time & effort. You can't hide weld with blueing, but if you wanted to parkerise & black paint finish it then it could look perfect again.
ATB.
If it was factory done or at an ordnance refurb I doubt very much that they'd have put a hole exactly where the designation is (the front hole just touches the '4' of the '47' production date. The holes would also have been made before final finishing/refinishing, yet there is bare steel in evidence here. These are a couple of reasons why you are being told so universally 'no'
Well I must be learning somthing lurking here, that is exactly what I said when asked my opinion. Even if they would not have obsured the markings and if so would have remarked.
Thanks to all for the input.
But none the less, if he got it cheap and can fix it easily and well, then it's a good allround useable shooter - exactly as it should be. Reminds me of my VW Polo. Got it cheap from someone who really didn't have a clue about what to do with running/rumbling front wheel bearings. I did! After 8 hrs of filthy work, grease and shxx everywhere it was up and running like a dream. Lasted me for another virtually trouble free 8 years
Mine is a different view re filling the holes. Why bother? It's been drilled and you can't reverse that by filling them in. It's collectible appeal has been lessoned somewhat regardless of a repair so I wouldn't go to the trouble myself. It is however still a very nice looking No5.
In the past, now somewhat distant, this is a situation commonly repeated. A virtually perfect military rifle would be selected for a sporter job...that's why, because it was about new. That's why this one is here...
But on the other hand Homer......... If you'd just acquired a really nice Triumph TR6 with a damaged wing (do you call then fenders ?) or a rear bumper bar that someone had drilled holes into to fit a tow-bar, would you just leave it? You can't alter the fact that it's been damaged in the past as the hole for the wiring harness will still be there in the body when it's fixed - albeit now blocked up with a rubber plug.
He could have that rifle fixed almost invisibly - just like that beautiful Triumph and it'll look as good. As they say.... He ain't winnin' no prizes, but he ain't enterin' no shows......'
Just my humourous, devils advocate take on things!