I don't think it had any elevation adjustment and its hard to know the thinking behind the sight configuration and its placement. In my way of thinking at some point in time someone wanted the rear sight closer to the breech so instead of cutting a new dovetail and moving the sight, they made a new sight and kept the old dovetail. I also think that this sight has been with the rifle a long time and that this sight could be the original sight. Its all just a guess.