I have restocked 15 or 20 No. 1's over the last 25-30 years and that looks like a pretty normal stock for the earlier years. I would suspect that it was sanded down enough to rechecker and then refinished. A lot of them I have worked on have been somewhat proud of the metal and could have stood up to the change. I notice this one is right to the metal. It also looks like there was a little sanding boo-boo to the left stock cheek. I would find it amazing for someone to pay for the price of a full custom stock job just to get fancy checkering and not upgrade the wood. The cost of the stock job would have been 2-3 times the value of the gun already and much nicer wood could have been used for maybe 10% more. Spending another $200-300 would have added an impressive piece of wood.
My guess is that the checkering itself was damaged and this was the cure.
