Hey guys, hoping for a bit of advice. I've been offered, in trade, a S&W 1905 32-20 4th change. It has been refinished but tastefully so. What are opinions on value?

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There are too many variables here. Who refinished the gun and how it was done is important in making a valuation. If done by the factory, with appropriate markings on the gun (grip frame, barrel, etc), the gun is usually valued at 1/w to 2/3 of an original gun. If done elsewhere, the value will be dependent on the quality of the refinish. Close-up images will help us here!!!
An original gun in really nice shape can be $750. A near mint gun will bring $800 to $1000. Judging from you image makes it impossible. How is the bore, how is the action, is there any end-shake….
Need more information…..

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Terry
SWCA, SWHS, IWLA, NRA

This is the only image I have at the moment. I haven't been able to inspect the piece in person yet. I went out on a limb and told the guy I'd give him $350 trade value towards what he is wanting to trade on. He turned it down so I imagine I will be passing. Would love to stumble across a minty target model 32-20.

Looks like a decent refinish, but knowing it was refinished there is not much more information needed to give a fairly narrow value range. Refinished Model 1905s from any era are very common and it takes an extrodinary example to fetch $800. 32-20s add a slight premium, but I would value a standard nicely refinished M&P at around $300 - $450.

The price you offered is about the top of what I would pay for a shooter unless it turns out to have a very professional redo.

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Gary
SWCA 2515

I'd say you were at about the right price point. Bought one from 1928 last year in roughly 95% condition for $400. Wouldn't pay that for one that was refinished; even a factory refinish.

Jeff
SWCA #1457

At $350, it would make a good shooter. Most any M&P in good mechanical order and not abused will bring at least that much today. If you like it, go for it. Just recognize that it's not a collectible. From the appearance of the grips, and if they are original, that M&P is from the 1920s. I assume you are aware that .32-20 ammunition is expensive and not so easily found.

I am. If I got it I would hand load for it. He had around 100 pieces of brass.

I hear the term "not collectable" on the forum all the time. I don't believe all S&W collectors only collect pristine 100% non-refinished or modified guns. There are a lot of us who cannot afford some of the prices these pristine guns demand.
Myself, I love the look of a pre-war gun that is without pits and has 100% of a finish. There are a lot of us who love guns that have been modified. Some call them frank-n-guns. I guess it is the same as car collectors, some like their cars to be with all of the original parts and paint. Some, like myself, like to build hot rods. To each their own.

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Tom
NRA Pistol Inst

^True that!^ When some of us start trying to assign values to guns we frequently end up forgetting what they were built for... to shoot! As "a shooter" that gun should be worth the $350 mentioned all day long if it is sound mechanically and has a good bore. One nice thing about those relatively late-produced 32-20s is that you will often find they have really good bores. If so, I would be happy with a trade such as was mentioned by the OP. JMHO, of course... it depends on why you are getting the gun. If you want to turn a quick, large profit on it, I doubt there is a whole lot of room there for that, but if you want it yourself for your own use, that will work.

Froggie

No desire to turn for a profit. Just looking for a fun shooter that will hold it's value. If he decides to sell or trade at 350 I believe I'll bite. Pending inspection of course.

"Just looking for a fun shooter that will hold it's value"

I think you have found one. Virtually all guns will appreciate in price over time, but those in very high and original condition will appreciate much more rapidly. There are collectors and there are accumulators (I am more in the second category than the first). True collectors are normally far more discriminating regarding condition and originality issues than accumulators, and for the most part they shoot their guns relatively little if at all. Accumulators are sort of the opposite. Point is, there is always a market for a shootable gun, but the price tag for true collectibles is usually much higher.

Some points I'd like to address.... The current selling prices are regional. That means where you live makes a huge difference. There are a bunch of the .32-20s around, but the original condition guns aren't selling for much around here. My buddy Joe bought one for $700 a couple of years ago. I bought one last year for $600, but Joe's is better. Those are real nice original condition guns. I certainly wouldn't approach that on a refinished piece.

All the .32-20s I've seen have been products of the 1920s. Letters will come back with more recent ship dates, but those guns display features of the 1920s. Look at the mushroom shaped ejector rods and the grips (non-medallion.)

The guy looking for a target model. Good luck. I bought mine maybe 3 or 4 years ago. Wait, maybe it was 2009... Anyway, I got mine for a steal. It was only $1250 from a friend. Its less than perfect, but still really nice. In that same time period David Carroll had 2 of them at a gun show. Both were priced in the $3000 range and probably worth it. My guns are what we insultingly call "shooters". Because I shoot them. Not often or very well.

Ammo is really hard to find at anywhere reasonable prices. Its a difficult round to reload, but only because cases are thin and crumple easily.

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Dick Burg

.32-20 M&P are far less commonly encountered than those in .38 Special, however, the relative scarcity of those in .32-20 does not translate into a premium price, quite possibly because of the caliber itself. And early target models in .32-20 are far less common than those in .38 Special. The premium is somewhat greater for .32-20 target models as they have more collector interest. Good luck in finding one in any reasonable condition for much less than the low 4 figures.

Prices and availability of guns aren't nearly as regional as in the days before the internet. I entered the Army in 1966 and traveled out west a good bit in my assignments, especially to Albuquerque and El Paso S&W heavy Duty revolvers that I never saw back east were readily available at very reasonable prices, and I took advantage of it. Winchesters and Colts were more available, but weren't as cheap. Shotguns of all types were cheaper than back east also. The internet ha changed all that and now prices show less regional variation.

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Tom
1560

Something else to consider, if you're thinking of this purchase as a shooter, is that cylinder heat treating began with S/N 81287 on this model. That will give you more options for factory ammo, but still not recommended to shoot modern .32-20 rifle ammo in it. If it was me, I'd gladly pay $450 for a "shooter" in good mechanical condition that has heat treated cylinders.

BTW, the attached photo is of a target model of 1905, 4th change in .32-20. Probably worth $3000+, although I'm not ready to sell.

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AGM-28
S&WCA 3711, S&WHF 809

There is no modern .32-20 rifle ammunition made. The last .32-20 HV ammunition was loaded back in the early 1960s. Everything made today is suitable for revolver use, unless someone out there is making custom loads for Winchester Model 92 rifles. If it is a factory .32-20 load and has a lead bullet, it's safe to use. Also keep in mind that the metal thickness around the chambers in the cylinder is much greater for .32-20 M&Ps vs. .38 Special (both cylinders have the same OD), so heat treating doesn't provide any great benefits in strength for .32-20 revolvers.

Very nice looking relatively late target model. Impressive.
My only .32-20 Target is a lot older (1904) , and looks it. But it still shoots very nicely.

And yes, the stocks are much later than the gun. The letter on this says it shipped with the common black rubber stocks. Unfortunately, they were already gone when I acquired the revolver.

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Jack
SWCA #2475, SWHF #318