Most of what remains unsaid about your gun is general history. S&W introduced the .32 Hand Ejector (swing-out cylinder) in 1896, then tinkered with the design for the next few years. By 1915 they had the design pretty much where they wanted it, and it stayed that way for decades.

Between the gun's introduction and the onset of WWII, the company made about half a million .32 Hand Ejectors. The small .32 caliber revolver was more popular in the first half of the 20th century than it was after WWII, when law enforcement agencies and popular psychology migrated more to the .38 special cartridge on a slightly larger revolver frame.

I can't quite tell from your photos, but it appears that the finish is very thin or even missing on parts of this revolver. That will hold its value down, but then a family heirloom is rarely valued in terms of its retail potential. I don't see any rust or corrosion, which is good. If the finish is better than I think it is, that gun would be a $300-350 item in most gun stores. If the finish is a little worn but the action is still sound, I might expect to see it sell for $200-250.

Hope this helps.

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David Wilson