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We need to see all the markings on the barrel. Hopefully the barrel is marked with the barrel date code. Follow this link to see old catalogs. You might also provide the serial number. It will also be helpful to know it the buttpad has any markings.

 

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I’ll add a couple of comments. The 721 is a long action but the 7.62x51 is actually a short action cartridge. When Remington built the first 308 is was a 722, not a 721. The 308 didn’t come out till 1954 or 1955.

How did you determine the barrel was Remington?
 

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Thanks. The stock looks refinished but I could be wrong. The buttpad doesn’t look to be of the right vintage but others may be able to tie that down better. The barrel is not a standard factory barrel. It could be a custom shop install but the real custom shop didn’t start until 1960. I think the proof mark on the right means it is factory install. I think about 118,000 were made. Is the serial number 39xxx?
 

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I think you have a very unique Rifle! Since the rifles were built from 1948 to 1961/1962 and somewhere between 100,000 and 175,000 total 721s were built I would say this one is a mid 50s vintage. 7.62 NATO wasn't adopted until 1954 so I think its in that range. Since the barrel is not stamped Remington I don't think its a production barrel but a custom barrel of some sort. Could be custom Remington or other supply/. Since the barrel is stamped with the REP proof I believe it to be a factory installed barrel. As for the stock I haven't seen a 721 in a long long time so I don't know if its original or not. It would be interesting to see the insetting on the stock to see if it shows and evidence of reworking. I would suggest you go to the Remington Society Site and see if you can find anything out on their forum. Some of those guys got into the factory records in the early 2000's so they may know a little more. If you do please let us know of anything new that shows up.
 

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That is a 'testbed' rifle, possibly from the Remington Gallery test area. The 'tell' is the tiny pin that locates the recoil lug to the receiver. Mike Walker did that on guns that switched barrels often.
The stock is a 40X with the cut-out for a big receiver sight. It has been re-done with shiny gorilla snot of some kind.
Thanks for stopping over. I had a feeling you could shed some light on this rifle.
 

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Remington used a local range to test new designs and this rifle was probably one of Remingtons first 308s. It could also been a test bed for a 308 rifle to replace the 30-06 Winchester Model 70 that the Army was using for snipers.,
 
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