The Lyman 48 WH was delivered on marksman, national match and bull rifles from the factory, when the rifle was ordered with a receiver sight (the Lyman 48 WJS was delivered on standard rifles).
This is a late style sight (post-1947), with a base sculpted to fit over the stock without inletting for the base. The base and slide are number matched. It has rounded hunter turrets, a 60-point scale, and micrometer adjustments. The aperture and mounting screws are included.
This sight is likely unused, as it comes in the original box with instructions. However, there is minor cosmetic damage to the face of the slide, which appears to be light pitting, likely due to prolonged exposure to moisture.
We use the NRA Modern Gun Condition Standards Grading System for grading part conditions. You can read about it HERE