How rare were these, I bid about $550 on this and went to town, thinking I had it for a fair price.

First one I have seen with sights on it.
http://www.gunbroker.com/Aucti....aspx?Item=520725217

These are hard to find. I Think you did well. 7mag is not a caliber one would associate with open sights.

That link shows a 30-06 Ruger M77 Mark II Stainless/Laminate with open sights, aye. Says it sold for $699, eh?
They also offerred it in synthetic, both the later tupperware and the earlier canoe-paddle plastic stocks.
Same gloss stainless and alloy floor plate in all those stocks, pre-Hawkeye.
I have purchased the following gloss-stainless, open-sighted M77 Mark II rifles at the local emporium over 10 years ago:
30-06 in tupperware stock (22")
7mm Rem Mag in brown laminate stock (24")
300 Win Mag in canoe-paddle stock (24")
They were all outstanding in accuracy and other functions.
The aesthetics of them may not give a pinkey finger extension to the non-Rugerophile, but I sure think they are nice, and they do kill deer well.
They don't make them anymore.

I didn't win it. I had some business in town to take care of and someone bid about $150 more than I did.

Neat looking rifle though. Hopefully I can find another one just like it.