Winchester mod 12 shotguns in working condition are getting fewer by the day. One of the reasons is the relatively fragile action, that does not wear as well as it's more modern replacements. Local collector value may not be up to US levels, but it is quite rare here.

I would not even consider refurbishing it, and I would not subject it to hard use either. If you want a working shottie, you might just find someone who is willing to swop it for a modern variant.

And b.t.w. this specimen seems to be in pretty decent condition for it's age. (Not something that can be said of the guy in the red shirt. )