According to ATF... who we all know to be reliable as heck...
"6.2.1 ...
All NFA firearms must be identified by a serial number and other specified markings. If an existing
firearm is being used in the making of the NFA weapon, and that firearm is serialized, the existing serial
number should be used (unless it duplicates a serial number already used by the maker on Form 1) and
entered in Block 4(g). If the weapon is of new manufacture, the applicant must assign a unique serial
number and enter it in Block 4(g). For example, a unique serial number could be composed of at least 4
digits preceded by the initials of the maker. NOTE: alpha characters, e.g., a name, will not be accepted
as a serial number. If a name is to be used, there must be at least one numeric character in addition to
the alpha characters.
The serial number must be engraved or stamped on the receiver of the firearm and the caliber, model,
and identification of the maker must be engraved on the barrel or frame or receiver of the weapon.96 The
marking and identification requirements for a maker are the same as for a manufacturer. Refer to
section 7.4 for a detailed discussion of the requirements.
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So, we were both kinda right, in that the serial number must go on the receiver only. So, if you were to be assigning it a new serial number, you would need to have it engraved on the receiver. If you are just making a 203 by adding a barrel to a firearm registered receiver, you can put your name, caliber, model on the barrel. I was pretty sure that serial numbers could not go on a barrel, especially one as easy to remove as the M203.
If one were to make a 203 from a blank, or 80% forging as we have discussed here in the past, the receiver would be the only place you could legally engrave it. (once again, according to those who believe a shoe string 14" long with two loops is a MG...) GROG