Before I move forward with a strip and clean, I am curious if this 'bubbling' finish is original, or something added later?

1899 Grade 1.

It is common, especially if gun was kept some place that was warm. Shellac will get that "alligator skin".

Instead of stripping it, put some alcohol, but not dripping, on a lint free cloth and rub it in a circular motion over this finish and it will blend it in instead of not taking it off.

+1 on this suggestion. The only thing I'd add is to clean the wood first to remove accumulated dirt, skin oils, and grunge so it does not get mixed in with the old shellac when the alcohol dissolves it. I'd suggest cleaning the stock with Murphy's Oil Soap or a solution of household ammonia and water, rinsing and drying thoroughly before applying the alcohol soaked lint free pads. I picked up a 16 ga. L.C. Smith field grade a few years ago with a stock finish that looked even worse than yours, and it was dramatically improved by doing exactly this. Too much alcohol will completely strip a shellac finish.

Straight amber shellac is what was used on almost all American doubles.

Denatured alcohol is what you want to use to remove that crazing and clean/freshen the finish. It will remove some of it, but more can be added if need be.

How did they apply the shellac?

What we can see of the checkering looks good, Mike.

SRH

Well, i wasnt there so i cannot say for aure. Some reports that i had heard that came out of the hunter arms factory was that on later guns low grade guns, they just dipped them whole. I do not know how much truth there is to that, but who knows.

Shellac can be applied in a number of ways and i am sure that the process used varried between manufacturers.

I had read somewhere that the lower graded stocks were dipped also. The higher graded stocks had an oil finish and the highest graded ones were also an oil finish and the catalogs stated "as many coats as needed".

In my opinion to keep the patina, this stock does not need to be cleaned, it just needs the old finish revitalized.
This is an 0 grade that had some of the same problems.


This is an F grade hammer gun that wasn't stripped, just added more shellac.

I think this is David's Ideal before refinishing

Good advice above. I would clean it lightly with Murphy's and maybe steel wool and mineral spirits if necessary. Then apply Bullseye Amber with a rag ball with a few drops of linseed on it. Dip the ball into the shellac and rub it on in small circles. This is essentially French polishing except you are rubbing out the worn old finish. The alcohol in the new shellac will dissolve the surface of the old. After the final pass rub it out with rottenstone mixed with linseed to get rid of swirls and imperfections. It will look good and still be original underneath.

As to the original finish, I don't think they could have dipped it in shellac because it would dry fast, run and make a mess. They may have dipped in linseed then brushed or sprayed the shellac.

Thank you for the information and advise.

I think, I will lightly clean w/ Murphy's and then use the alcohol as described.

That will be enough, along with some light cleaning of the metal. This has been consigned for sale, so nothing extreme or time consuming.