The Model 54 was Winchester's first successful sporting bolt rifle with just over 50k being produced between 1926 and 1937 when it was replaced by the Model 70. It is estimated about 15k unaltered rifles remain as many were altered over the years to attach scopes that it wasn't designed for. This is the model the 270 Win and 220 Swift were introduced with.
I found this Standard Rifle 24" barreled version made in 1931 chambered in "30 GOV'T 06" in a country store in N. VT. Although unaltered mechanically it was in rough condition cosmetically but the bore looked to have been barely shot. A previous owner had sanded off the original finish and most of the checkering with it and had shellacked the stock but that had to have been a long time ago as much of it had already peeled off. The bluing was mostly gone from the barrel and bottom metal and there were old pits down the right side of the barrel but the rifle was otherwise clean of any rust.
The first thing I did was scrape the remaining shellac off the stock and apply boiled linseed oil without any other surface prep retaining all of the character marks. It was left in this condition for a while until I decided to work on restoring it. The stock was sent off to have the checkering professionally re-cut to the original pattern which was still barely visible. While that was being done the barrel pits were stoned out and a cold blue was applied to the barrel, bottom metal and butt plate. When the stock came back a few coats of TruOil reduced 50/50 with mineral sprits was applied over the BLO with nothing further done to it and it came out looking much like a rubbed oil finish. The receiver had retained most of its original finish and it and the bolt were left as is as I wasn't trying to make it look new again just clean up the damaged areas.
This is what it looked like after the BLO was applied...
...and after the restoration work.
I did take it hunting before the work was done on it but it won't be going in the woods anymore and only occasionally gets taken to the range.