It appears to me that the circled X is the suffix of the serial number. It should be there. The X's that Alan refers to are usually stamped directly over the numbers, usually on the left side above the takedown plate.
On a related note, that bare spot just to the side of the 5 on the front numbers concerns me. Is it simply bare metal or is there evidence of damage, cracking or repair?
Regarding refinishing, I believe that it will be cost prohibitive on this gun. Filling and resurfacing pitted areas is a time consuming process, and time equals money. What makes this gun attractive is simply the purchase price. Shoot it as-is and don't get spendy, or buy this one and enjoy it while you hunt for a better oine. If you want a nicer gun pass on this one and buy what you want. Don't throw money into a rat hole.
My $.02
dju
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