A late 20's gun (?),,but a lot of money for a plain Field grade even with the 32" bbl.
That 32"bbl may be a negative on a field grade gun price unless it's really something you are looking for,, be it for shooting or collecting purposes.
M12's are like Ithaca 37's. Everybody loves 'em but nobody wants to pay much for them. Keeps the prices down on some great guns.
Nice 12ga Field grades can be bought for $500 w/some looking.
Lots of reworked, refinished, restocked guns around too.
Paying out $1500+ for a Field because it has a 'rare' bbl length and looks original,,,you have to know what you're looking at.
The 32" bbl was offered in Full choke only then.
At the time, Stainless Steel bbls were also offered (Starting in 1926). They were marked as such on the side.
The finish was a blue/black enamel paint or varnish. It wore quickly in use. But an original gun w/little or no handling may still have the finish in tact.
That would be a collectors find...
Just some thoughts