Welcome to the forum. Your gun is actually a lot older than you think. There's no question that it is a .32 Hand Ejector (see the barrel label) from before WWII; if the first digit of the serial number on the butt is a 2 (as I think it may be) then it is even from before WWI.

EDITED TO ADD: After a quick look at a couple of sources, I'm thinking it was manufactured around 1915. Other features of the revolver show that it cannot be younger than 1922. Check the rear face of the cylinder and the underside of the barrel; the serial number should appear there as well, and you can confirm the first digit of the number on the butt, where the first digit seems to be kind of mangled.

Sentimental value as a family heirloom is probably much greater than its market value. Probably not many would be willing to pay more than $200 for it. I imagine several people would be willing to buy it at a price between $100 and $150.

YET ANOTHER ADDITION: That's actually considered a three-inch barrel. You measure from the front of the cylinder to the muzzle to include the part of the barrel that is threaded into the frame.


ONE MORE PS: A couple of posts down Absalom is absolutely correct about the barrel length on this early .32. I should have said 3 1/4 inches. Not that it much matters, but you could also get 4-1/4 and 6-inch barrels on this model. Guns like this one are called by collectors the .32 Hand Ejector, Second Model, or the Model of 1903. At the time this gun was made, S&W produced revolvers in four different frame sizes. This one, which is called the I frame, is the next to smallest.

__________________
David Wilson