Actually that's not .38 Special caliber but .38 S&W caliber. It's a shorter round.
It appears to be in pretty nice condition. I think the nickel is original and not a refinish.
You'll have to post the serial number to narrow down manufacture date and which issue it is.
Judging by the square back triggerguard I believe it is 1880s or 1890s. Someone else that knows more than I do will be along.