Thanks for the information, firearmsunlimited (note: because the gun in question was made prior to 1961, I probably posted in the wrong forum). Anyhow, the seller was asking $550.00 for the K-38 but settled for $500.00. The bluing appears to be original and is at least 98% condition. The bore looks clean and sharp and the lock-up is vault-tight, with virtually no play in the cylinder. Trigger pulls, both sa and da, are typical for Smiths of the era: superb. It's hard to believe that this revolver has been around for 54 years, given its almost new condition.
But I'm not a collector, per se,; I'm a competitive Bullseye shooter and this Masterpiece will have to earn its keep on the firing line. Though it's too cold right now to spend much time at the range, I have every reason to expect the K-38 to be every bit as accurate as my Colt Officer Special is. Photo to follow when I can manage it.