Terri, welcome to the forum. "Pitting" refers to the little potholes rust leaves on metal. What you see on the cylinder is very reasonably called a "turn line".

You have one of the most common S&Ws made, but they were very reliable firearms and were a very common police duty weapon from the turn of the 20th century to the 1970s (and beyond). Age doesn't add much (if anything) to the value when it has wear and tear to match its age.

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