What going on with this 1903?

[biohawk1]

Alright guys bare with me as I have zero knowledge of the 1903 rifle. I've wanted one for a while and i was out checking the local pawn shops for ak's and ran across this 1903 springfield. Mid 800,000 serial number. Over all the rifle looks amazing except for one thing.
The rear sight looks kinda goofy, well at least i think its the rear sight. I thought these had a ladder bar rear sight. Also whats with the area thats flat and has the stud sticking up, i thought thats where the rear sight was on these.
They are asking $500 but will take $450 cash out the door.
Before i go buying this id like to make sure the rifle is correct and not bubba'd.
Sorry for the pics, my phone's camera kinda blows.

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