Sharper, The gun is worth what you can get a buyer to pay you for it. There's too many variables involved in a restored gun to have a direct influence on price or value ( The two are not the same) 1. What did it cost to restore? 2. what did the gun cost before restoration? What is the quality of the restoration, insofar as duplicating the gun's new condition when 1st shipped. What would it cost to restore a similar gun today?, etc. etc. All these factors put their impact on what price the gun can command in the market place, plus the willing seller-willing buyer must have a meeting of the minds on what the sales price will be to sell/buy the gun. My guess, without seeing the gun, is that $3500 is in the ball park. In fact, unless the gun had mucho damage, it was probably worth that with out the restoration. A lettered 44-40 Target Model is a rare bird.