I want to propose a theory on how this EXP fits in to the Kodiak timeline (we will never know the truth, so why not guess).
The Bubinga handled '61 models all/most have badly cracked glass (is this true? those I have seen fit this description). This is said to have been from poorly dried riser wood? These also had a silver coin (not pewter). I don't know the exact timeline, but I guess the production of a new model is started the fall prior. So lets assume by December 1960 production is in full tilt.
We know that production is said to have finished out with the Walnut and Purple Heart I-beam handle right before the '62 Brazilian Rosewood Kodiak goes into production. Both of these bows have or are likely to have a pewter coin with black finish.
To summarize, 1961 Kodiak Variation one is Bubinga handle, last variation is Walnut and Purple Heart I-beam.
I would guess Bear EXP'ed with different handle woods before the Walnut and Purple Heart variation that seemed to have worked out better.
Since this EXP has the pewter coin with black finish I would guess it was an EXP made in the middle of the 1961 production run. It seems unlikely to me that it would have been a prototype for the 1961 model as it has what is more considered the 1962 coin, and also, the use of ash or hickory in the handle is not likely to have been something Bear would have considered to follow up the beautiful 1959 and '60 Kodiaks. It might be logical to guess they were testing alternatives to get them through the year until the new 1962 model would be introduced. I believe I also heard somewhere that the 1962's may have replaced the 1961's earlier than normal.
That is my GUESS. By the way, I too placed a relatively high bid (...and lost!). I still think it is ugly, but it would be a key component to any 1961/62 Kodiak collection for its historical value. I also would not consider refinishing it as there was some talk about the penmanship of the EXP. Well, if it is refinished and the writing is replaced by, say, Bowdoc, collectors 30 years from now will be matching up Bowdoc refinished bows and discussing how the same worker must have made these...they will probably assume they were special orders, maybe even written by Fred Bear himself.
If I had more cash, I would have put up a better battle!