It contacts firing pin nut and cocking piece (rearward portion of bolt assembly) throughout its operation, but does not bind or 'catch'.

When the peep is open and the bolt is operated rearward, the firing pin retaining nut, then the cocking piece make contact with the 'hump' on the peep as the bolt is pushed back against its spring tension. They slide over one another very smoothly. The cam design of that 'hump' precludes binding.

On return, again no binding. As the bolt is driven home, the spring tension pushes the 'peep' back to its upright position, ready to use.

I have just had mine 'in hand' to verify this.

The image of the bolt open over the 'peep sight' is accurate and shows the bolt at full rearward extension. The 'hump' atop the peep sight is in direct contact with the cocking piece.

Imagine that bolt being pushed forward; as it slides forward along the gradually ramped side of the 'hump', it pushes the sight downward. As the cocking piece comes clear of the hump altogether, the sight springs upward against the 'tab' that extends downward fore of the nut. When clear of that, the hump encounters the firing pin nut itself, when clear of that, it is free to return to its upward position. Unless done very s l o w l y, this entire operation is quite smooth and nothing 'binds'.

It takes a little more effort to open the bolt against the peep than with the sight closed, but remember, these 'prewar' MS bolts operate so smoothly that they will close, seat fully and lock tightly by merely lowering the stock with trigger pulled.

The cocking piece