have read that they were low grade guns. In exceptional condition, maybe $250. In lower conditions, I've seen these trade for $50 or less.
Don't shoot it... it's probably not safe.
(copied from shotgun world)
It all depends on the gun. N.R. Davis & Sons of Assonet, Mass., was one of the first U.S. manufacturers of breechloading double barrel shotguns. N.R. Davis was taken over by Warner Arms Corp around WW-I. Warner moved the assets from the original factory in Assonet, Mass. to their plant in Norwich, Conn. in 1919, and became Davis-Warner Arms Corp. They continued to manufacture Davis doubles until about 1926 when they closed the plant and tried their hand at importing guns from Belgium. In early 1930 Davis-Warner was purchased by J. Stevens Arms Company (owned and operated by Savage Arms Corp.). A Stevens memo dated May 23, 1930, announced the acquisition and the intent to resume manufacture of the Davis doubles. Another Stevens memo dated December 15, 1930, announced the purchase from H&D Folsom Arms Company of the assets of Crescent Fire Arms Company of Norwich, Connecticut. The memo went on to say that the assets of Crescent would be merged with those of Davis-Warner Arms Corporation and that the newly formed firm would be known as The Crescent-Davis Arms Corporation, Norwich, Conn. Crescent-Davis would be operated as a competitor of J. Stevens. The new firm was no more successful than its predecessors. On November 4, 1935, an order of dissolution was filed with the New York Secretary of State. So, after that the remains must have been moved to Chicopee Falls and assembled and sold off under various names. Crescent-Davis and Springfield guns shown in the 1938 to 1941 Stevens paper I have all appear to be variations on the 311. The Springfield 311 had a casehardened receiver while the Crescent-Davis 600 and 900 had blued receivers.
These are the N.R. Davis offerings from 1931 -- 1926