Thanks BC38. Yes it's not very noticeable so I'll leave as-is. The only thing I plan to do with it for now is get it lettered and shoot it. I just looked at the S&W website for lettering the 32. Looks like turn around time is listed as 10-16 weeks!
Opoefc has the foreman's logs which detail the exact day of production for certain models. Here's one also in the 105xx range that was manufactured 15 November 1903, only 10 days prior to yours.
Later on the same page 141 it says:
"VARIATIONS
No target models have been reported in this early s/n range. If verified by factory letter, would be worth substantial premium. Target Models do exist for the various changes of the Model 1903 - see below."
Then the catalog goes on to describe the 1st Change onwards.
This agrees with OPOEFC's earlier post on this thread.
Looks like I need to pony up and get the gun lettered.
Casual Smith Nut,
Here's the factory letter on this revolver…in case you were wondering.