Colt Police Positive Question

[Sunfang]

Hi Guys !
A co worker recently asked my opinion of a firearm that he recieved from his father in-law's widow. It is a 5" Colt police positive sn# 217XXX in .38 Special. The bluing is almost perfect with only a slight bit of holster wear at the muzzel and recoil shield. It is still wearing the original black Bakelite grips, and has a round front sight that reminds me of half a nickel. His research on the gun is conflicting with the date of manufacture being either in 1920 or 1928. I was sorely tempted to offer him four hundred dollars for it, but I'm not a colt collector. My question is what is it worth in todays screwy market and is it OK to shoot .38 +P's in it occasionally?
"Thanks"

 

[s&wchad]

Colt serial numbers can be confusing on the different variations of the Police Positive. Based on the serial number and the caliber, it's more than likely a "Police Positive Special" made in 1923.

The cylinder and frame on the Police Positive wasn't long enough to accommodate .38 Special cartridges, that's why they had a separate model. At $400, you wouldn't have been stealing it.

 

[mtgianni]

The 32 longs on Gunbroker usually go for under $400. They usually have more collector interest than the 38's.

 

[2152hq]

My book shows Police Positive Specials in that # range mfg in 1920.
Reference matr'l differs,,but regardless, I'd stay way clear of any +p ammo for the old girl.
Nothing thru it you wouldn't trust putting through a S&W M&P of the same vintage is a pretty safe rule. Even then err on the safe side,, they are not the most robust of actions.

Look at it this way,, that's a 90+ y/o Detective Special size frame w/a longer bbl. Take it easy on them.

Just from the description, $400 would be high for a buyers price IMHO. They seem to go begging for buyers in that range unless in extremely nice condition as they are common like the M&P.
Check the timeing & lockup very carefully before purchase!