What model of browning shotgun are we talking about? I would need to know this in order to help you answer this question.
Your browning auto-5 shotgun was made by FN of belguim for browning in 1938.In the condition that you describe your shotgun should be worth between 450-550 dollars.
50-550 usd
1903-1939. Value depends on condition. Your definition of excellent might not mean excellent in terms of collectable Browning shotguns. Broad range; a couple of hundred to a couple of thousand.
In the condition that you describe,I would asses a value of between 450-575 dollars for your Browning auto-5 shotgun.
With the serial number that you provided,if you have a Browning model auto-5 shotgun?Then this shotgun was made by FN of belguim for Browning in 1939.
Your serial number indicates that your Browning 16ga.auto-5 shotgun was made in the year 1939.
Your browning auto-5 shotgun was made by FN in belguim for browning in 1939.Depending on the overall condition of your shotgun these are valued at between 350-650 dollars.
Beginning with Serial Number 1 to approximately 228,000. Exact production figures are not available. Some time before 1940. Made in Belgium. While you do not say what gauge your Browning auto-5 shotgun is chambered for?With the serial number that you provided,your Browning auto-5 shotgun was made in the year 1928 if you have a 12 gauge.If you have a 16 gauge shotgun then it was produced in the year 1939.
If we are talking about a browning auto-5 semi-auto shotgun?Then your sotgun was made by FN of belguim for browning in 1939 with the serial n umber you provided.
With the serial number that you have provided,your Browning auto-5 shotgun was made in the year 1939.
You have not stated the model number, but what looks like a serial number. There was a Browning Auto 5 in 16ga with 122008 serial number made in 1939. This may be what you have if it is an Automatic Browning shotgun. (A5)