I just happened on this post and still rubbing my eyes in disbelief. Congrats on this inheritance. If this turns out to be the exact configuration, as shipped by S&W, you have a winner. By winner I mean one that is not often seen nor found.
You will likely find out the shipping date was 1900 or newer. Not only by the serial number but by the caliber roll stamp did not show up until about 1900.
The New Model 3 revolvers ceased production in 1898, however, they were produced by special order well into the 1900s. I have one that shipped 1908 and have reports on another that shipped 1912.
I must say it seems almost too good to be true but my well wishes to you that it proves to be authentic and original.
That the pearl stocks lasted, at least, 118 years and the condition of the nickel with engraving is so outstanding leads me to believe it was either stored in a vacuum or extremely well cared for ... especially coming from a colder climate state.
The serial numbers on the butt, the face of the cylinder, the barrel clasp and the barrel (in the deep recess of the rear section of the barrel visible only when the clasp is raised and held up) should all match.
The only item I cannot determine from the photos is the hammer and trigger guard case colors. I don't know whether they are faded to a blackish color (Which is very unusual) or the photos are just not good enough to determine. Other than that, I cannot find anything suspicious about it other than I am surprised it survived in such great condition.
Keep up advised of the outcome when your research from the S&W Historical Foundation arrives.
See this post and keep us advised:
http://smith-wessonforum.com/s-w-ant...t=Model+Target
All the best, Sal Raimondi, Sr.