A good friend just inherited a 1949 (near as I can tell from my resources) K-38 Target Masterpiece (Serial #K 807XX). I only got to look at it (no pictures) but it is functionally 100% and ~95% finish wise. A little muzzle ware from the horrible leather holster it was in and a little speckling around the top of the stocks on one side. Oh, and it has diamond checkered Magna stocks that number to the gun.

Some guy who live across the street from his father (the original owner) told him it was worth $3000.00. Now my friend, who knows nothing about guns has visions of making a killing selling this nice old 5-screw target gun. I told him it wasn't worth anything like that, which disappointed him considerably, but he trusts me to be honest with him. I also told him I have no interest in buying the gun but if he wants to sell it I will help him all I can.

I am not a K-frame fan so I don't follow them and haven't a clue other than I was sure it wasn't worth the silly price he was quoted. So, without pictures, could some of you K-frame experts and collectors give me a "ball park" estimate of the value of this nice K-38?

Dave

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RSVN '69-'71
PCSD (Ret)

The value range is very wide. Condition and accessories (box, papers, tool kit, etc.) affect value the most. It would probably sell immediately at $500 and might sit a while at $1000. If it were all original with box, docs, tools, I might go $800, but that is just my perspective. It is a very desirable piece, everyone should have of these in their collection.

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FBINA, 204th Session

Dave, run away. This is a no win situation. Tell him to get the neighbor to help him get $3000. Best.

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Mike 2796
SoFo Bunch member

I recently picked one up in similar vintage and shape for $650, and that was in California where prices tend to run high.

That would be a $750 gun around here.

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“What you got, ain’t new.”

It's definitely not a $3,000 revolver so if the that guys offers him 3K tell him to jump on it. I have one made in 1956 in excellent condition and I'm not planning on selling it.
Pre K38 with a set of S&W Combat K frame grips.

Point him to Gunbroker to the largest gunshow in the world. Look at what they sell for there. $3K should get you a good way to one that is factory engraved and in excellent condition. K-38's (pre-model 14) that are priced above $1K rarely sell, unless they are mint with all the goodies, or real low serial numbers, have a LERK (only 5 or so known) or are purchased by someone who does not know much about them. In the $650-$950 range you'll take a nice one home every week (with a box and or tools at the upper end of this range). In the $450-$650 range you will occasionally get lucky and find a really nice one to add to your collection (usually no box), but will most of the time find used shooters with holster wear and a few condition issues here and there.

Good luck,

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Richard
Engraved S&W fan

Dave T

First, a couple minor points:
1. At K80xxx you are probably right about it being a 1949 gun. However, keep in mind that it might letter to 1950, since these guns did not always ship immediately after production and S&W didn't ship in serial order anyway. I used to have a K-22 one-line address gun with serial number K10xxx that didn't ship until December, 1949, way out of sequence.
2. The name. S&W never called anything the K-38 Target Masterpiece, no matter how often this is repeated in "collector" books. The correct name used by the factory was K-38 Masterpiece (a target revolver).

Now about the price: Your instincts are good. $3K is way out of line for this gun, as described. At that serial number, it should be a narrow rib revolver with a six groove backstrap. With original stocks and in the condition you stated, $750-$850 is probably a fair price.

Best of luck to your friend.

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Jack
SWCA #2475, SWHF #318

DaveT, tell your friend to offer it to the $3000 neighbor guy for $1500 that way the guy can "double his money" and your friend will get a great price for it at $1500.

The only problem is his neighbor was talking through his a** and wouldn't buy it at a third of that.

Since your friend trusts you, help him sell it for as much as you can get, perhaps listing it on the classifieds on this forum or a local forum if you have one.

One issue I have is helping people out with money matters sometimes can be detrimental to a friendship, no matter how well intentioned. Good luck.

Not an unusual occurrence. Someone who wants to sell a gun that maybe he inherited, and himself knows almost nothing about guns. He asks some friend, who's probably no more knowledgeable, what it's worth, and he says that he thinks it's worth $X without really knowing. The owner believes him and tries to get $X, with no luck. Maybe he has to settle for $X/3. Keep in mind that trying to sell it to a gun shop or pawn shop will get an offer maybe half or less of what the "retail" price should be. Always best to try to make a private sale if possible, just like trying to sell a used car. You'll get screwed every time from a dealer.

If he can get a solid cash offer of at least $500 (or hopefully more), he should jump on it.

I agree with everyone else - $500 to $1,000 depending on condition and the extras that come with it.

Let the neighbor buy it for $1,500 and everyone is a winner!

They might have confused the gun with the K-32. That does bring $3K. And as long as my Standard Catalog of Smith & Wesson calls it a K-38 Target Masterpiece that is good enough for me. I wonder if Edition 4 calls it the same?

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Mike
S&WCA #3065

Early K frames are awesome guns. I cannot afford a $3000 K38, even if it was a nickel K38 owned by Elvis. I have at least one in immaculate shape, and those barrels look like a part of history to me. I would not want to part with it for a grand. Having a numbered box, I might be tempted if someone offered me $1250... because that would be reaping a price today what it would be worth possibly next year. 95% condition would tell me to break
out some old 148 grain wadcutters and cut larger holes in paper. If my Dad gave it to me, I wouldn't sell it for 3K. I've not added anything except think why he left it to you.

Make sure it's not a K32. That changes the whole equation.

Nope.

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Get off my lawn!

Okay. Now I'm a believer.

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Mike
S&WCA #3065

Correct, Jeff. Unfortunately, Jim and Richard didn't search the text carefully and "Target Masterpiece" still shows up a few times in the small print. Maybe if there is ever a 5th Edition, that will get fixed too.

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Jack
SWCA #2475, SWHF #318

But the K-38 is a nice shoot.. Smooth...

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You can call it a K-22 or K-38 Target Masterpiece if you wish, but that's not how it was ever advertised by S&W, nor was it printed that way on shipping boxes.

In 2010 someone wrote this informal "essay" on the forum about them this explains the name a lot better

Informal Pictorial Essay - K-38 Masterpiece (and Model 14) variations

posters and documentation included.

It is true that all advertising, box end labels, and gold picture boxes always stated K38 Masterpiece, or K22 or K32. The side of the gold boxes come close, but place Target after the official name.

K38s over 95% are now selling for near $750 online by gun auction companies. Add to that a 15% to 23% buyer's premium and you get to $900 fast.

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Gary
SWCA 2515

My K38s Have the target hammers and grips, would they have come in a different type of box, those boxes look more narrow than the grip?

Anyone who is a "Gun Person" has experienced what you have with this K-38.
People who has negative knowledge of firearms will give a very high dollar value of a firearm that they have no intention of purchasing.

Also if a value is given as worth between $500. and $700. depending on condition, box, papers, number made, etc. guess which value is the seller going to remember ?

The gold boxes were too small to fit a Masterpiece with Target stocks and we have discussed this at length on this Forum somewhere. The consensus is that either the revolver was sent with standard Magna stocks and a second package was sent if the buyer ordered target stocks. Target stocks will fit in the gold box along with the revolver as well. I believe that most of these revolvers were not sold to mail order customers, but rather to gun shops, hardware stores, etc. who would also have bought a bunch of target stocks and sold them along with the guns. As a result, all the targets I see lack a serial number.

There are accounts of plain N frame boxes being used to ship Masterpiece revolvers, but I can only recall one image of such a box. It was labeled Masterpiece, but was a maroon 5 tab corner stapled box.

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Gary
SWCA 2515

You sir are certainly correct. I have a Combat Masterpiece K38 shipped in a 6" gold, K38 Masterpiece box. It has the target stocks and target hammer, both lettered to the gun. Pre M15, shipped 11-1953. More than likely, it would not fit in a standard box. Yes, the box is numbered to the gun and has an overlabel. It letters as is too.
Here is a pic of my 5- 1949 vintage K38 bought from a seller in Sacramento Calif. That is also where it was shipped to originally.
I paid $730 shipped for it a couple years back. It is unfired too. Big Larry

I was asking because i assume my Grandfather would have ordered his, since they both have the Target Grips and target hammer. It seems like he bought them and chucked the boxes, so i wondered if the boxes were bigger, but then i also wonder if you had to install the stocks at the dealer because they didn't fit in the box?

Nothing exciting just curious.

Most of the Masterpieces were shipped with service stocks to be changed out later. Most competitive shooters opted for the large stocks with the thumb rest as did my Dad. Too bad they did not number the target stocks. Big Larry