These revolvers with 32 Winchester barrel stampings range from 1899 until 1913 and that was replaced by 32 W.C.F. in 1914 until 1922. From about 1922-23 until the end of production (1940) they were stamped 32-20.
I have a 32 Winchester, 3rd Change Target with serial number 47389 that shipped in early 1910. Pictures below so you can compare your target sights to make sure they are original. The sight blade in mine is a factory Lyman, but other style inserts were available. My second closest serial number is a 2nd Change like yours, earlier at 41509, that shipped in 1908 and is also pictured to show the type of top round concave style stocks in original pre-1910 guns. Of course, all target 1905s had a square butt.
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Gary
SWCA 2515
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