According to my dog-eared copy of "Winchester Dates of Manufacture"
by George Madis, your rifle was made in 1925. First year production.
You've got a great old rifle there.
1925 or 27 to 1937 I think, there was 50,000 or so built, My dad has a 54 30-06 type one carbine that has not had the action drilled and tapped or bolt handle bent, it seems hard to find an unmolested 54. The 54 was the pre model 70. All the 70 is is a 54 with a drilled and tapped action with bolt clearance for a scope. My dads was built in 1929 and it is the first type of carbine that has no checkering, the 2nd type had a cherckered stock.