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3 External Differences Early vs. Late
1.) Bakelite vs. Wood

Bakelite stock, usually black, rarer to see with metal reinforcement on top and bottom corners of stock. But the stock was still fragile even with the reinforcement tabs, and the materials needed to make the plastic-like bakelite proved more costly and time consuming than wood.
Thus to save time, funds, raw material, and to make the stock more durable. They switched to a wood stock.

2.) Milled Cover, Rectangle in Center vs. Stamped Cover, Oval in Center.

The MG34 already took a great deal of precision tooling to make because the whole thing was milled/machined, which is why the MG42 was developed because it was cheaper and quicker to make, being all stamped. They could not make the MG34 entirely out of stamped parts but they switched certain parts from being milled to being stamped. The top cover being one of them.

3.) 4 Holes in Jacket vs. 3 Holes In Jacket Between AA Sight & Front Sight

The reduction of the holes in the barrel jacket/barrel shroud was both to save time and improve durability. Interestingly the barrel jackets that were on the MG34s mounted on the inside of tanks had a shroud which was almost entirely without holes. The barrel jackets in their tanks needed to be much sturdier to put up with the conditions they would face. The Germans used the MG34 exclusively in the front hull mounts because the barrel could be changed out easier in the confines of the tank then the MG42 barrel could.