Instead of thinking the worst (or hoping for it, since it's more titillating...) delving deeper into Spencer sales during the post-Civil War years would illustrate that many, many worn Spencers of all types were refinished via draw-filing and then newly-browned, prior to their being sold.
At that time, absolutely no attention was paid to factory lettering, nor was any paid to the existing serial number, because neither mattered, as they'd been struck from the Quartermaster's property records - effectively ceasing to exist, insofar as Uncle Sam was concerned.
Schuyler, Hartley and Graham and Bannerman both did this, as did other surplus sellers - the newer condition made for higher pricing, after all, and no one cared at all about any markings back then - that happened later...
Scouts Out!