$300? For that price, I'd buy a half dozen.
16 gauge 1897's have shot up in price over the last few years thanks to demand from the cowboy action shooting crew. The 1897 is the only pump allowed in cowboy action, and it is generally accepted that it is the "fastest" shotgun in the game. While there are replica 12 gauge 1897's on the market, no one to my knowledge is making a replica 16 gauge. Savvy competitors have been buying them because the smaller shells are easier to palm. Anyone with decent size hands can palm four 16 gauge shells and single load them "over the top" through the ejection port. That's a lot harder to do with 12 gauge shells.
I've generally seen tight 16 gauge '97s selling for around $500-600 depending on condition. A basket case may go for as little as $300, but one that has been slicked up, had the barrel shortened to 18-20" (perfect for cowboy action), etc., will command the higher price. I've seen a number of them fully restored sell for near $1,000.