That's a tough one. As another member said, the IP rear sight is worth a couple hundred by itself. The carbine as a whole, however, is difficult. Intertype contract Underwoods are scarce, but without knowing who ground off the serial number, or why, value is iffy. I am by no means an expert, but the serial number being an odd hand-stamp moves it towards just a shooter. If that flip sight is not original to it, I would remove it and sell it, and put a milled adjustable type II and use it as a shooter. The true experts may have a better handle on it, though.