Mike, I won't argue about the proper price here because I have never actually bought a NIB 1905. But the prices I have paid for higher condition M&Ps led me to think that a truly new and spotless 1905 could be a four-digit gun, particularly when we were reaching back to 1920 and before. Looking at asking prices in CA stores and settlement prices in auctions, it seems to me the price range you mention would be appropriate for boxed high condition and almost new M&Ps, leaving room for higher prices on the truly NIB specimens.
The best prewar M&P I have is a 1927 unit, 98 or 99% in box, but not unfired. I don't recall the exact price with house premium included, but it was probably just about $700. I didn't have any buyer's remorse about the price I paid.
And I very much doubt I have more money -- particularly after the damage I did to my acquisition fund last year. In recent months my psychology has moved from "gotta have it" to bargain hunter.
