Ronnie,
I kinda agree with the above except the FIRST question I would add is WHY I am buying it. If I am considering it as a collector, then identifying the collector potential is the focus. I think Jim and you covered the collector steps. If I am buying it to use a a parts source, then those specific parts have to be present in the condition I need (regardless of anything else on the weapon).
If I am going to consider it as a shooter, then my priorities are totally different than what is outlined above. I think this is the shooter highlights:
Receiver and serial - if its a shooter thats a nice to have point. Yes, NPM make the best shooting receivers, but surprisingly I have two IBM's that I really enjoy. But I would inspect the receiver condition and it should not have alot of wear on the rails no matter what the manufacturer or the serial.
Muzzle wear and barrel condition - manufacture does not have to match receiver, just a quality name (I like Underwood barrel best) and a good crown
Condition of the sights - especially the front sight post - filed down?. I also prefer the Type II rear sights which have a beveled peep hole (I love Hemphill or a P.I.)
Trigger pull - creep, excessive pull?
Bolt - excessive wear, lug condition, but I like the round bolts for shooters (personal pref)
Slide - again wear, type V/VI which has the cuts to delay opening
Stock - I prefer a SA M-2 Walnut, but I will take a good birch if it is solid and has a good pattern
Recoil Plate - I prefer a WWII plate, not the post war cast, look for excessive wear on the bottom lip of the plate.
Trigger housing - I like either the Type IV or V housings, but any housing should be tight - but not too tight. The only issue I have with a very loose housing is that when you go to pull the trigger, you also have some extra movement transferred to the housing (untill the housing stops moving) as you pull. Just don't like the feel.
Barrel band - of course the Type III, but it should be tight on both the barrel and the bull nose.
Sear - for a shooter I like the M-2 sears since they GENERALLY help with the trigger pull.
Other - Inspect the gas pistol and nut for looseness or excessive staking (taken apart too many times)
Hammer - type III or later.
Other factors such as finish and overall condition weigh into the decision. I have an IBM Racker I got from CMPwhich has some rust pits on the exterior of the barrel, but it has a MW 1 1/2, the headspace is at 1.294", the front sight post doesn't look touched and it shoots far tighter than my eyes can see at a 100 yards. Even though it has the original barrel and housing, it will never make the cut as a collector gun. Its a damn fine work gun - and it is not for sale!
Just my two cents on to answer your question's other side of the coin ...Information
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