Autopts - you are right. There are cast-in inserts in the jaws. Only looking from below could I see the them.
Catalyze - I am pretty impressed by the quality of the Reed vises. I am also a fan of Yost and have been fortunate to find a big one for a reasonable price. I have yet to look at a Athol in person.
I ran into this 203R a bit by accident. I had sworn I did not need another vise. Yet when the ad popped up I have to admit I was tempted. A low price ad featuring a picture of a nice US made vise with insufficient description always gets me curious. Especially if there is no reference for how big it is (could it be a Reed 209 ???). When I saw it had smooth jaws I was initially doubtful I would find a use for it. But after having it around a few days, I can rationalize uses for it....
Thanks everyone for all the input.