"It means that the gun is on a list compiled by the BATF-e that states that the gun is of some historical, or design significance and is at least 50 years old. If you have a Type 3 FFL you can purchase these and have them shipped directly to you."
Replace 'and' with 'OR' and you've nailed it. If you can demonstrate that the gun in question is at least 50 years old, it does NOT need to be on any list. Likewise, a new production SAA or 1911 is not C&R eligable, even though the design is over 50 years old.