I picked up this Ballard at Amoskeag auction this spring and someone in the past had refinished the wood with plain varnish.  Ugly.  An old timer once gave me a recipe for hand rubbed oil finish.  He called it 123VLT.  One part spar varnish, two parts blo, and three parts real turpentine.  You can find real turp on fleabay, comes from a fellow in NC who makes it from longleaf pine resin.  Anyway, after fourteen coats of hand rubbed VLT, this is what it looks like. First four coats are wet sanded w/400 grit and rubbed in.  Number 8 coat is wet sanded w/ 2000 grit.

The finish was definitely not factory varnish.  It had a very unappealing look to it.  Bought a Maynard from the same consignor and it has the same look to it.  The caliber if this rifle is 32-40 Ballard.  Bore is excellent.  Have not shot it much, but at 50 yds, I did get a 1 inch group.  Notice it has the gallery sight, not the mid range vernier that originally was on it.  I can probably get it to shoot out to 100, maybe 200, but I don't know how far this sight will elevate.

The mid range gallery will get you the same distance, but it's the adjustment that gives me headaches. Since you have to loosen the eye cup, and slide it, the adjustment isn't too accurate. Once set, it's a fine sight, and works great. Just getting there that's a hassle.
The finish looks great! I use Wipe On Poly myself, which gives me the same hand rubbed finish, but easily repaired if it happens to get a ding!