RE: What the heck is this?
look close on the barrel for the words FLLippeta. That is what mine says. If the rifle says that, I can tell you it is not an original. And Original should be marked Remington I would think. Whether original or not, anything handed down by a grandfather is a treasure. Clean it well. Take a Q-tip put oil on it and cock the hammer back. Use that oil coated Q-tip and make sure you swab in that area with oil real good. That's where they like to rust.
You're going to be really surprised at how accurate these revolvers are. Yours especially with the longer stock and barrel.. keep us posted on how it shoots. They sure are a pain to clean though.