Red Leg you are correct in your assumption. The barrel is clearly stamped 30-06, etched into the barrel is 300 Wby. Mag. The gun has virtually no collector value and in my opinion very little commercial value. If the gun shoots and functions well, it is probably best to leave it as it is. BTW when I picked this rifle out of the collection I did not have another 300 Magnum of any sort. This was my first.