Ron raises several sigificant and interesting questions regarding this piece. If it is a restoration, it was very well done. I agree that the grips have a little wear, but the blue and straw are 100%. I recently inspected another presentation 1900 piece, the deAlvear luger. It too, was 100% and the grips looked also 100%. There was no "GL" proof and the serial number was below 10,000. It did not sell on a recent Andrew Martin auction as the reserve price was not met. What is a "serious" collector to do? Whom do we trust? This Pheonix Arms 1900 is probably priced over $20000. It would probably be worth it IF original. But then how can one tell? We need documentation. I guess that's why Ralph's consignment .45 carbine hasn't sold. Just my humble opinion.
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