I have no "for sure" idea but many of the leaf elements and the inlays look like the work of some of the Belgium engravers who emigrated to the U.S. in the '50's and 60's and 70's.
The prolific punch dot background also looks typical of their work.
But the single point shading, instead of liner shading, does not look like most of their regular work.
Maybe it was a special request shading thing??
And maybe my guess is all wrong!
Maybe Roger B, will drop in and give us the correct I. D.
Yes , I’ve looked all over it for a signature or initials, found nothing. The Winchester is a pachmayr custom and was donated to ducks unlimited at one time. Was told that it could possibly be engraved by Gino Cargnel but I’d think he would have signed it but not sure. Thanks.
It does look a lot like the work of Angelo Bee, one of the FN Belgium engravers who emigrated to the U.S.
The dot background, the gold inlays and the leaf structure are typical of Angelo's work.
A better picture of the trigger guard area would be a help to see the signature.
If the initials are AJ it is not the work of Angelo Bee.
Angelo often signs with AB or sometimes with a capital "A" followed by a small engraved bee insect.
Pachmayer had much of his engraving done in Germany, though American, Richard Boucher engraved some Pachmayers as well. From what I can see, your gun was engraved by a German engraver. The late Erich Boessler was one of Pachmayer's German engravers. He signed with a very small EB. Off hand, I can't think of a German engraver with the initials of AJ but I don't know them all.
Pachmayer also had a group of Japanese engravers working for them in the U. S. for awhile.
These Japanese engravers had previously studied engraving in both Germany and Belgium and tended to use that style in their work for Pachmayer and other American companies
This Model 12 could also be some of their work.
These engravers also did a lot of engraving work for a gun shop in Beverly Hills. CA.
But I still think it's the work of the emigrant Belgium/ U. S. engravers.
And the bluing and lifter jeweling looks like the work of Mike Benedict who did much of the finishing for them.
This is just the sort of engraving shown at the end of the old Guns and Ammo annuals. This is what started my interest in engraved firearms back in the 60s. A nice bit of nostalgia from when I was about 16 years old.