The snap at the belt loop connection is broken. The strap has been altered by adding what appear to be cartridge loops. Overall condition is only fair.
For collectables condition and originality are the keys to value. With this holster we have fair condition, alteration, and damage. I would estimate market value at $50 or so.
The good part is that the holster can be displayed with the revolver and provides a real "been there, done that" impression. I think that the value of the holster is primarily linked to the revolver it was intended to carry, probably enhancing the value and marketability of the revolver by more than the actual collector value of the holster by itself.