Welcome and Congratulations! You have a very desirable revolver from your father. It is the .44 Hand Ejector 1st Model. aka the Triple-lock or the New Century. It is generally accepted to be one of the most finely engineered handgun ever made. The low number indicates that it was probably produced in the first year of production (1908). It appears to be well used but not abused so that value that you quoted certainly wouldn't be out of line.
Bob