This is a .22 Hornet standard barrel from a 1937 Model 70 rifle.
This barrel has some pitting at and below the stock line, along the left side, below the markings. Most of this pitting is below the stock line and will be hidden once installed on a rifle. There is also a spot, worn from contact with the tip of the stock, along the right side. Aside from these spots, the rest of the metal and bluing is in in very good condition.
The bore has no throat wear (it's hard to wear out the throat in a 22 Hornet) but enough pitting to have a rating of 7 out of 10. Borescope verified.
We use the NRA Modern Gun Condition Standards Grading System for grading part conditions. You can read about it HERE