IMHO the quality of the components and finish for each "Grade" was at a price point
c. 1890 Factory Hammerless List Price Comparison
L.C. Smith........Ithaca...............Parker............Lefever
…………….....……...No. 1 - $50
………................No. 2 - $60….…….PH/1 - $65…...….G - $65
No. 2 - $80…..…….No. 3 - $80….…….GH/2 - $80….…….F - $80
No. 3 - $100……...No. 4 - $100……...DH/3 - $100……...E - $100
No. 4 - $150……...No. 5 - $150……...CH/4 - $150……...D - $125
No. 5 - $200……...No. 6 - $200……...BH/5 - $200……...C - $150
1902 The Pacific Hardware & Steel Co., San Francisco, CA
...................Parker..................L.C. Smith..............Remington
$70...............VH........................No. 1 ($60)..............BO ($75)
$80...............GH........................No. 2.....................BEO
$100.............DH........................No. 3......................CE ($95)
$150.............CH........................No. 4......................D
$200.............BH........................No. 5......................E ($225)
(AE on Smith guns add $15)