A little of both! It's a custom built rifle by Scott Coy, who used an original Trapdoor action, and fitted a new Green Mtn. barrel, and made up the stocks without barrel bands, using wedges to retain it instead.
It is a beautiful gun, and I believe it's for sale around $2500? I've looked at it myself, and considered doing a similar gun too.
Track of the Wolf has a lot of nice cartridge guns for sale at their web site.