It is in fact a NM #3---with target sights. To pick a nit (something we're particularly good at), a NM #3 Target is the same---only different. It's a separate series (numbered from 1 to 4000 something), all equipped with target sights (S&W's first target only offering).
Given that yours is .44 caliber, it certainly could be chambered for .44 American (and therefore be somewhat of an odd-ball)---one of a dozen or more calibers offered---although .44 Russian is the most common among these. The barrel length is likely 6.5"---again, the most common. The star on the butt is a factory service mark, indicating it has been back to the factory for some repair/modification/refinishing. There should be/probably is a date stamp on the grip frame (typically left side) indicating when such work was performed----and if there's more than one such stamp, it's been back more than once. The date stamp will (typically) be of three or four digits---like so: 1 23 or 1.23---this example denoting January, 1923. Value is more or less depending upon the amount AND the originality of the finish---and more or less varying by a wide margin. Given the presence of the dreaded star, we are quick to jump to the conclusion the gun has been refinished----which ain't necessarily so. Take heart in the knowledge that while we are never in doubt, we're not always right. I am not inclined to speculate about the value without having the gun in my grubby little paws. Others will be along without such reservations. In the interim, I'll throw out the range of $2-4,000---and became the object of some ridicule----which I shall either ignore or learn from. I now own four of these (in a couple of variations). The lowest price tag (20 years ago) was $1,200---the highest (six years ago) was $9,500); so they're worth what someone is willing to pay at a particular time and place-------------depending upon myriad details.
Ralph Tremaine
By the by, the checkered trigger (if done by the factory---before shipping the first time) may be construed to mean you have a special order gun. That's normally no big deal, but they make my heart go pitter-patter a little bit faster---just because such makes them out of the ordinary. You should get a factory letter (after the moratorium on such is lifted----first of the year---or after). When ordering same, be sure to tell them about the checkered trigger---and ask if it was shipped with such. If it was not, that trip back to the factory could have been for the trigger work----in whole or in part. The front sight is almost certainly NOT a factory modification----so deemed simply because absolutely none of the sights offered at the time or since bear any resemblance whatsoever to it----which is to say it was hand carved by someone else somewhere else-----probably (although I'll bet money on that). I should add that while your letter may note special order, it may not tell you what's special about it. Often times the special order judgement is made on the basis of the selling price noted on the factory invoice. If it's higher than normal, it was a special order-----never mind that the invoice may not say one word about what's special about it. Everybody involved at the time already knew what was special, so there was no need to spend any time writing it down. Needless to say, they didn't give a rat's behind what some lunatic fringe collector might think about it a hundred and some odd years later.