old rusty S&W .3844?

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I think it's a "transitional" Outdoorsman. Very desirable gun in horrible condition. No, doesn't have any collector value at this point.
 
Not a collector

Not a collector gun, looks like a early post war Outdoorsman? Still has significant value.
 
Looks like a restoration project to me.
It could be made to look very nice.
It would be so expensive you could not recover the cost on resale, and the collectors would turn their noses up at you. But it wouldn't hurt to look at it any more.
 
Value would be around $300, restoration would run you close to a grand. 38-44 OD transitional are hard to come by.

Clean it up the best you can, then go shoot it and enjoy.
 
If the bore and cylinder are good then shoot the snot out of it. Probably drives tacks with wadcutters or 158grain SWCs.
 
Shot a half box through it last weekend very effectively on assorted cans @ 20 yards. Mechanically, its perfect, just has the longterm light rusting issue.
 
I don't think spending money on a family heirloom is ever "bad." However, from an economic standpoint I know you are 100% correct. But if most of us on here made gun purchase/investment decisions based purely on economics why would any of us ever need anything more that a 4 inch Model 10 and a pump 12 gauge? Could those two not handle virtually any situation a gun owner finds himself/herself involved with in North America?
 
Personally I would just shoot it and enjoy it. But being from your dad I can understand if you wanted to fix it up.
 
I think that part of gun owning is aesthetics. Most of us don't buy beater guns. We look, we imagine, we test our theory of what we could do/not do with a certain gun etc. In this case, it is in very poor condition and may need some other look-see at the internals. Since it was your dads old gun, you want to keep it and that is very understandable. I would want to keep it.

So, having said that, I would call around to the various 'smiths in this country to get some estimates. I would have it fixed up and restored. Some of the work done by this nations gunsmiths is truly amazing and makes one jaw drop from what a gun was to what it can/will become. It won't be cheap, but if the internals are good, it shoots well (you verified), then I say go for it. Aesthetics. It will make a difference. You'll be very pleased to say "this is my dads old gun."
 
The grips are worth more than the gun. If you have it restored then you won't want to shoot it. I'd lightly scrub off as much rust as I could with some gun oil and four ought steel wool and then shoot it and enjoy it. I've got a few like this that I use in the field when I don't want to mess up one of my nice guns.
 

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