Since I can't see the gun to determine it condition I have to recommend that you do not attempt to shoot it.If you insist then take the gun to a good qualified gunsmith for a check out before attempting to shoot it. I would say based on your description, you paid a fair price. Receiver is stamped 'Iver Johnsons Arms & Cycle Works - Champion'. A prime condition example (rare) can bring as much as maybe $100 at auction while a rusty metal, rotten or broken wood and missing parts piece of junk fit only for parts salvage or as a whisky still stirring stick might bring as little as $10. IVER JOHNSON CHAMPION 16 GAUGE SHOTGUN Iver Johnson Model Champion 16 gauge, break over shotgun. Value of these old guns depends on their condition, the amount of original finish remaining on the metal and wood as well as the mechanical condition. Early Iver Johnson 16GA Champion Single Shot Top-Break Shotgun. Buy at this store. I kinda feel like you gun was made in 1908-1909. In the first table the year is given as 1908-1909 and in the second it is given as 1885.
Serial number 24316 is listed in each table. There are also two set of serial number-year made tables, one for the New Model Champion and the second for the Old Model Champion, the Champion Junior and the Ideal Model.
It says that if the word CHAMPION is above all other markings, the gun was made before 1925 and if the word is below all other markings, then the gun was made after 1925.
38 S&W calibers, serving the same sizable market niche as Hopkins & Allen and Harrington & Richardson in the late-19th through mid-20th centuries. iver johnson single barrel champion shotguns with a single letter suffix to the serial number were manufactured between 19. The reference I have is a bit confusing on on serial number-date made information. In 1894, the firm became 'Iver Johnsons Arms & Cycle Works.' It is perhaps best known as a major manufacturer of inexpensive but serviceable pocket-size revolvers in. Iver Johnson Champion Serial Number Lookup I have a few of the old Ivers Johnson Champion single-shot shotguns.