This bolt action rifle was manufactured just twelve years (1973-1985), by JP Sauer of Germany for Colt. According to my serial number research, only 18,000 rifles were produced from 1973 through 1978. I don't have the serial number ranges after 1978, but since Colt has published their Serial Number Lookup Database, it is very easy to identify your gun.
Bolt action firearms have earned a reputation for being more powerful and accurate than any semi automatic rifle. For this reason, they are still the choice of many target shooters and snipers. This is true because of the way that bolt action rifles close the chamber. When a bullet fires inside the chamber, the force from the explosion is completely directed at propelling the bullet down the barrel (In an autoloader, part of the energy is used to cycle the action). Also, a bolt action's only moving parts when firing are the pin and spring.
Since it has fewer moving parts, it has less of a chance of being thrown off target and less of a chance to jam. Finally, since the spent cartridge has to be manually removed instead of automatically ejected, it helps a sniper remain better hidden, since not only is the cartridge not flung into the air and to the ground, possibly giving away the sniper's position, but the cartridge can be removed when most prudent, allowing the sniper to remain still until reloading is tactically feasible.
Commercially manufactured rifles chambered in .30-06 are popular for hunting. Current .30-06 factory ammunition varies in bullet weight from 110 to 220 grains (7.1 to 14.3 g) in solid bullets, and as low as 55 grains (3.6 g) with the use of a sub-caliber bullet in a sabot. Loads are available with reduced velocity and pressure as well as increased velocity and pressure for stronger firearms. The .30-06 ranks as one of the most popular sporting cartridges in the world.