The last time I looked at prices, the target .38 M&Ps were going for a premium of 20-25% over a similar fixed-sight revolver. Since there are so many M&Ps the prices are often reasonable because of the available supply. If the gun you are looking at is 99% or better -- unfired or fired very little, with little or no evidence of scuffing or finish wear on the outer surfaces -- it could be a $900-1000 gun. If it has some wear but still looks good and is mechanically sound, maybe half that range. A couple of years ago I made a package deal on a 90-95% target M&P that numbered just under 650000; it shipped in 1935. Stripping out the other parts of the package, the M&P was probably valued at $400-450.
I'd say the gun you are curious about would have to be pretty nice to bring a price above $500.
As for checking it out, just look at the usual stuff -- endplay, excessive rotational play, excessive barrel/cylinder gap, push-off, timing, smooth spinning of the cylinder and ejector rod when the yoke is open -- that kind of thing.
A serial number around 600000 would have shipped in 1929/1930. Show us pics if you get it!
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David Wilson
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