Single shot Krags were very popular with wildcatters/experimenters/custom gunners in the 30's (and this one looks to me to be from that era) because they were cheap as dirt, not because they were the very best things available.

Another example of a single shot Krag. .22 Maximum Lovell, built by Hervey Lovell himself. I got it from Whitey here on this forum right before he died.

[Linked Image from i.imgur.com]