The Lyman 48 WJS was delivered on standard rifles from the factory, when the rifle was ordered with a receiver sight (the Lyman 48 WH was delivered on marksman, national match and bull rifles).
This is a late style sight (post-1947) with a base sculpted to fit over the stock, without requiring stock inletting for the base. The base and slide are number matched with F78. This sight has the larger "target" turrets, a 60-point scale, and micrometer adjustments. It is in excellent condition with almost no finish wear.
We use the NRA Modern Gun Condition Standards Grading System for grading part conditions. You can read about it HERE