Yes, .32 Regulation Police. A similar RP with nearby serial number shipped in 1925. The June 5, 1917 patent date on the bottom of the stocks refers to the patent for the design of the RP stocks, which will fit on no other S&W revolver without modification either to the wood or to the steel grip frame.

Leaving out collector grade guns, RPs have been selling in the $300-500 range for the last several months depending on condition. The one you ask about sounds like it might be in the $350-400 range, but without photos or a hands-on inspection that's just a guess.

I don't see why you couldn't use the bullets you have on hand in your own loads for this gun. My favorite cartridge for the prewar .32s is the .32 Long wadcutter target, which has a 100 gr bullet -- very accurate, almost no recoil. You should be able to shoot any modern commercial .32 Long loads in that revolver with no problems. Bullet weights for these are mostly in the 85-98 gr range.

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David Wilson