It would have been originally zero much further than 50 yards.
This is from The Trapdoor Collector website;
WHY DOES MY GUN SHOOT HIGH?
The reason that all antique military arms shoot high is twofold. One, the modern loads available over the counter do not match the ballistics of the cartridge(s) for which the sights were designed. The other reason is that the lowest sight graduation (with leaf down) is often the "battle sight" setting, which, for the trapdoor and Krag, is approximately 250 yards. The .45-70, particularly, has a rather sharply curved trajectory, compared to modern arms. To be ON at 250 yards will put you WAY high at 100 yds, where many people start their shooting. There are two fixes for the later models which have removable front sight blades: (1) fit a 1/8" or 3/16" taller blade, and file it down until the gun is shooting where you want it, with the load you are using, or, if you do not want to modify the gun, do what shooters with solid front sights have to do - "stack" your targets. Center one bullseye about 12" above the other - aim at the low one, you will impact on the high one. Adjust center-to-center spacing until you get it just right. Of course, if you are just shooting for group size (and you have understanding friends) a nice tight cluster, even up in the white is OK!