That's a very nice revolver. The serial number puts it in about 1919-1920.
S&W made tens of thousands of these small .32s, so it is not a rare gun. But that one appears to be in extremely good condition. Not that I am encouraging you to sell a gun with a family connection, but I would consider a gun in that shape to be fairly priced at $350-400. (I'm in California, where prices are higher; others might put the range a hundred lower.)
You and your wife can shoot that, if you want to. Modern .32 Long ammunition is safe to use.
Welcome to the forum. Thanks for posting the photos.
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David Wilson
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