RCS,
The Flip sight leaf is backward, or looks to be from what I can see. The concave (dished out) sides should point toward the front sight. Meaning when looking through you should be looking thru the small hole... with the dished out part on the back. But the sights base is installed correctly. Have heard of some original carbines being found this way. I believe.... but could be wrong... that one of the Winchesters on display (At Cody ?) has either a front or rear sight issue.
But to Add: I have a Underwood that the leaf was floppy on, the spring had rusted pin holes under it and had lost tension. I pushed the pin out to replace the spring with all I could find, from a cheap repro flip. While apart I cleaned a ton of grimey junk from under the spring and found under the spring, inside the base was stamped .U. I showed the pictures here and advised all to try pipe cleaners to clean under the spring. I almost put the leaf on backward, but the leaf was also .U. marked, so avoided that problem. I didn't want to mess up the side of the base by trying to restake,so I just used a small dab of Blue Loc-tite on the ends of the pin.
Maybe yours had the spring and or leaf changed from damage years ago and ended up being backward.
Also while zoomed in, believe I see stake punches under the rear corners of the rear sight base.
This would call for close up pictures of this area. If there, they might be stake marks like those reported used on early QHMC carbines.
I'll try to find a link here to the QHMC staking I refer to.
I don't have the books here to check the butt plate.
Charlie-Painter777