A 404 Jeffery I have inherited

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Fine steel wool and Hoppes #9 would clean up the metal. Looks like a small amount of surface rust. Then the bore with a brush and patches. I would gently get it out of the stock and make sure all is good and rust free below the woodline. For the stock, I would get a big bag of UNscented kat litter and a heavy black trash bag. Put the litter in the bag and submerge the stock fully. Put bag in a hot car or direct sun. Leave in bag for 3 days to draw out oil that’s soaked into the wood. Then wax with Renaissance wax and assemble.
 
Even before you posted the GI link, I believed your rifle was likely built by Schüler from the features, so I would agree.
Stmg is in relation to proof load, meaning Stahlmantelgeschoss or that it was proofed for steel jacketed bullets, and should give the bullet weight as well. It has subsequently gone through a British proof house and is reblued so it maybe tough to see additional markings. Below the wood line you should have the additional German proofs which will give you more information. The bolt jeweling and checkering isn’t original, but it is still quite a nice rifle, with a lot going for it. The pad looks to be original to it, and original rubber pads aren’t super common this early on, but this would be the kind of rifle they show up on. Schülers in 11.2 and 12.7 usually have them as well.
 

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