I agree, this one screams for a letter! Here's what the ejector rod end looks like, hopefully Mike Priwer will be along and clarify this, He is very knowledgeable about this model.

David has it right, I think. That's a left over Navy contract frame used for a later commercial gun. I have seen a few others like this over the years, both Navy & the Army contract guns. Remember, S&W never threw away anything that could use to make a gun in those days. Another clue is the the grips are commercial grips, not Navy contract grips. Ed.
You guys are something else. Thanks a ton. I don't know if the wife will OK $50 to find out. Fixed incomes in gun collecting are a killer for those of you who aren't there yet !!![]()
Many thanks.
Backwards @It looks to me that the last character in the serial is "@" instead of a number nine.
It looks to me that the last character in the serial is "@" instead of a number nine.
It looks to me that the last character in the serial is "@" instead of a number nine.
This gun is not in the range of the Navy contract, which was 1000
guns in the range of 5000 to 6000.. That is, those guns
took the whole block of 1000 serial numbers. Its hard to say what
this is, exactly. My first thought was that it was an extra frame from
the Navy contract, made up later into a standard .38 M&P . But,
I doubt the factory would have made up and shipped a commercial
gun with USN stamped on the butt.
I don't think that there is any way that such a late serial number
found it way into that early Navy contract. This almost looks like
a Navy contract frame that had its serial number changed, and then
received the cylinder and barrel from a gun that originally bore that
serial number.
That gun that Muddyboot is showing is the second Navy contract, for
the 1902 model.
Mike Priwer
Finally, there should be a star stamped on the barrel, crane, and
the rear of the cylinder. I assume it would be on the underside of
the barrel.
Mike Priwer