K-38 Value?

[OldCop876]

Sometimes you just get lucky. This past week I responded to an online sale listing for a Smith and Wesson revolver. It was a "Pre Model 14" K-38 6-inch barrel revolver. By serial number, K256XXX it appears the gun was made in 1955. The owner was a nice young medical student who wanted some cash to try out some new semi-auto pistol.

I drove about an hour to meet him, and the cell phone pictures he had sent me just did not do the gun justice. It is, in a word, gorgeous, and I really cannot find a mark on it. The only thing it doesn't have is box and papers. I'd honestly put it at 98% condition if I'm grading it correctly. I rather quickly sold a modern and completely forgettable 9mm handgun to generate cash to buy the revolver. A deal was struck and I'm the new owner.

My online edition of the Blue Book of Gun Values indicates a relatively high value for this revolver, at least for me, but I know the book is often wrong. I don't normally buy collectible firearms because I'm a shooter at heart. I'm on the fence as to whether I should keep it and shoot it, or let it go to a collector who will be more likely to preserve it.

Can any members with recent experience with this vintage of revolver give me some idea of what it is actually worth, or any other thoughts on it? Thanks.

[Targets Guy]

Do the stocks match? (are they original to the gun).

Not much help on value. I'd say even with the box, tools and matching stocks $925 would be on the high side. But you've got a beauty by the photos and they are a ton of fun to shoot.

My 1951 K38 is a blast.

[OldCop876]

Thanks guys. The number in the Blue Book seemed pretty high to me as well.

[TTSH]

I picked up a 6" Model 14-2 back in November for what I considered at the time to be one of my best bargain guns yet. $499+tax. It's pretty much flawless finish-wise, no box/no tools... and (unfortunately) it was missing its original grips. Like so many used S&W revolvers you find these days, it wore rubber grips.

The gun had started out at $799 tagged price... then I got all excited when it dropped to $699. At that point, it started sounding reasonable. As I was saving up my pennies to buy it, I was shocked to see it suddenly drop to $499. Someone needed cash badly!

I was there before they opened the next morning to buy it.

Now, the big challenge is to find some correct period grips in similarly excellent condition.

[22hipower]

Lots of model 14s and pre-model 14s were made and they show up often. Not that long ago we could buy nice ones for $400+/- but most are priced higher now, maybe up to $800 or so even without box/papers/tools. Don't know how many actually sell at those prices though. Last one I actually bought (last September) was a 14-4 which is less than 98% but still nice for $450. To get a nicer pre-14 like yours I'd probably expect to pay $600-$700 where I shop, maybe a little more if its really, really nice. Good luck. Here's my 14-4.

Jeff
SWCA #1457

[glowe]

Supica & Nahas 2016 SCSW4 lists a K38 Masterpiece at $650 in Excellent condition. Their rating for excellent post-WWII revolvers is 98%, So . . . They are seldom far off from true value on vintage S&Ws.

People often estimate values in two extremes. First, those who try to sell at high numbers because they mistake asking prices at sites like Gunbroker for value, but those guns never sell. Others will see bargain purchases discussed on this Forum or with their own buying experience, but that has nothing to do with the norm, but rather good fortune.

I am confident that the gun is worth near $700 and many in excellent condition have sold at auction through gun auction companies bringing that much and more. The earlier built the better when it comes to Masterpiece revolvers. No particular reason why in most instances, but early post-WWII guns often see higher prices that those made near the introduction of model numbers.

One thing for sure, the value will almost certainly rise over time. How much is probably not known. The 1996 SCSW1 estimate of value for an Excellent condition K38 Masterpiece was $285. In the 2001 SCSW2 value was estimated at $300 and in the 2006 SCSW3 value was $450.