MX, it looks like the real deal to me. I had a carbine of similar vintage, marked 1895 model. It too had been "upgraded" with the 1901 sight and newer wood. Like yours, mine was sans handguard, mainly 'cause I took it off and lost it. Yours looks like it might have seen tropical service - the Army didn't issue gun-cleaning supplies and the troops would use bacon grease to keep their Krags from rusting solid. It rained practically every day. You could get the right barrel band and a handguard pretty easy. A few of those carbines had sling swivels added - arsenal or field modification. Those are a lot easier to haul around the woods hunting.
Overall I'd say the Kragcarbine is easily the best hunting rifle ever made by Springfield Arsenal. Good luck with yours.
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