Pinned and recessed New in the box 4 " blue , I'd say $ 800 is in the ball park. Could go up or down a hundred bucks either way , depending on the seller and buyer . but a good estimate would be in the $ 775-$ 900 range.
Less than 1 % of the P & R guns out there have survived in NIB condition, so, a pretty rare find for a once not so rare gun. Condition is everything , and can take a "common" gun and elevate it's collectability to a whole different level. Most people that luck in to these deals go out and shoot them , it happens every day . That makes the value of the remaining "new in the box' guns even greater .
If the gun in question had been nickel 4" , we'd call that one at $ 1,000 .
Had it been a blue 2 1/2 ….$ 1,000 ..and a nickel 2 1/2 NIB $ 1,350 .
NIB = $$$ ,and of course 2 1/2" barrel would a premium over 4"
and Nickel carries a premium over blue.
Lewis
President of the Smith & Wesson preservation society