This is a funny SMLE. It has some very old fixtures and some newer ones. These parts were switched out time and time again, being constantly upgraded with new bits by the armories.
The bolt handle looks Lee Medford, but the front band looks last WWII. Can you read the dates on the ring behind the bolt handle?
The reloading guide looks early, but it doesn't have the magazine cutoff. I'm not sure Aussie Smelly's ever did.
It does look like an Australian gun because they did use the old style looking bolt until they stopped manufacture.
I'd guess this gun is an early WWII gun. It may indeed have been a Gallipoli bring back however. I can't tell.
Usually the bores are in excellent shape, because the armories inspected and changed out bad barrels. You could steam a lot of the dings out of the stock.
It'll never be a pretty gun however, but I like these MKIII's a lot better than the later MKIV's.
The head space can be adjusted by screwing in the proper bolt face piece. They made several and changed them to fix poor headspace. You will be amazed how much shooting a SMLE enlarges the case. The chambers are oversized.
Those SMLE actions were very "springy" and your rounds will stretch like mad. Mine often fail after three reloadings. Things got better when I started only resizing the neck. If you do this you'll not be able to switch the rounds shot in one gun to anyother, as you've just customized it's loads to it by just neck resizing.
I have an Ishapore SMLE and it is by far the worse SMLE that I own. It's supposed to be a .308; but it shoots around corners. Key holes. Maybe it's still a .303, but a 308 is a semi rimmed case, and the .303 is rimmed so one won't work in the other. Maybe I have a .308 breech and a .303 barrel? Anyway the gun stinks. I put it out as burgler bait.
As for value? I'd be hard pressed to pay $200 for it.....unless I really wanted one. If it is a war relic, which I suggest it is; then it has enhanced value to some collectors.....It's an "I been there gun".
What I can tell you for sure is that, that is one ugly smelly!