The first Model 12s were 20 gauges, followed by 12 and 16 gauges in 1914 and the 28-gauge in 1937. Winchester also made a Model 42, which was a scaled-down .410 version of the Model 12.

Nothing more succinctly illustrates the mercurial market for collectible firearms than Winchester's venerated Model 12. A decade ago, the Model 12 was a desirable acquisition. It's hard to lose ...