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Sorry but your thread title says M1 and your post says M4. The M4 IIRC is worth quite a bit more than an M1 (and functions completely differently, the M4 is gas-operated).
Where are you finding new Benelli's for $850. They are $1300-$1500 here depending on wood/synthetic?
I do not see many turn up used but depending on where you live and the condition that may be a fair price. I have 2 that I bought used. The 1st has a 24" barrel and has some blemishes on the finish. I paid $600 3 years ago. The 2nd was in like new condition with 28" barrel and I paid $775 used about 1 1/2 years ago.
I have seen a couple M1 tacticals turn up on gunbroker for around $900 new. That's about it. If you see one, get it. I paid $1060 for my M2 tactical, non-pistol grip, back in June.
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