Another thing about old S&W models is that you may look at two of the "same model" revolver, and something that is very subtle to the layman will dramatically affect the price.
It's actually one of the joys of S&W collecting because the majority of pawn shops, and many, if not most, gun shops, really aren't savvy enough to identify why a gun may be much more valuable then they would think at first glance.
A good example would be to compare a half moon front sight baby chiefs special vs a ramped baby chief vs a pre-model 36. To the casual observer all three guns would be "the same". To a S&W collector however, one of the three is highly prized, with the other two being mere runners up. The value is of course set accordingly.
Also, in my mind, old S&Ws fall into a series of different categories which may not be immediately obvious, but can really impact the price.
1) New in Box guns. These are generally suspicious to me unless the seller has a good reputation. The problem with NIB old guns in the S&W collecting community being faked is less rampant than with Colts (forgive the pun, father's day is putting my pun making in overdrive), but it can still happen. Usually touch ups to the finish, or re-finished stocks. For anyone new to collecting old S&Ws I highly suggest avoiding paying a premium for such guns until you have enough hands on experience to understand exactly what is potentially wrong with the gun.
2) "Correct" Guns. This would be the most typical category I think for most collectors to engage in. Guns that are all original, which can be easily determined by examining markings and checking to make sure the serial numbers match. It can be slightly more challenging with some target models to verify that the sights haven't been changed out. So again, paying a premium for a "correct" gun if it's one of the less common models that you may not have had hands on experience with is not advised. This category also frequently has guns in it that are correct, except for the stocks. It's not uncommon to have had the stocks removed on guns, especially affordable guns. Replacing the rubber on there with the number matching grips doesn't happen much, but correct grips can usually be added if so desired.
3) Modified guns. I separate this out from the next section because there is a big difference in the quality of modifications. A well modified gun, done by a highly regarded gunsmith such as Frank Pachmayr or the DW King company, may actually increase the value in some cases. I'd say this particular category is tricky because getting the hands on experience to know identify a good modification vs a hack job can be a hard thing to do. If you find yourself interested in such guns either buy one from a reputable dealer (at a premium), or don't pay a price you would regret having paid if the gun turns out to be a real piece of garbage belonging in the next category.
4)Molested guns. There are guns with chopped off barrels, JBwelded on scopes, home made grips glued to the frame...stuff that some gun plumber thought was a good idea and executed poorly. These guns are to be avoided at all but completely rock bottom prices. Doesn't matter what the gun started as, the only thing that can be done with such guns is to part them out, or if the gun plumber had a good idea: shoot and enjoy your $200 gun. Never, ever, pay a premium for a gun like this expecting to "restore" it, the gun will never be right again. You are way better off just buying a nice condition correct gun, it will cost you less in the end and you will be happier.
5) Abused guns. I separate this category from the next for the simple reason that these guns are a hard avoid for me, wheras I love the next category. The problem with abused old guns is that they probably need repairs, and there aren't a lot of guys who will repair one of these guns properly around. And those that do will end up charging you more then just buying a correct gun would have been. This category consists of guns that are just seriously mistreated, and used a lot as they were mistreated.
6) Neglected guns. These are where some real treasures can be found in my opinion. When you are learning old S&Ws nothing really beats getting a good gun that was cleaned improperly so the bluing is gone. Or sat in a drawer and one side rusted to heck, while the other side is gorgeous. These guns are not especially valuable, but usually have wonderfully functional internals, as they were neglected and not used much. A lot of guns sat in a drawer in a barn for 50 years, and look like it, but after a good internal scrubbing and lubrication the gun works like it was new.
Old S&W collecting is a real joy. Your best bet is to read this forum compulsively. Always ask questions here. Pore over the Standard Catalog of S&W. And start with Fixed Sight K-38s (Military and Police models, Pre-Model 10s, and early Model 10s prior to the 1970s).
There are a huge number of great deals in that particular category and when you have a few different fixed sight k-38s from different eras you will get a really good grounding in the differences between them. That hands on knowledge is really useful when you start forays into the I and N frames, or other less common K-frames.
Also, don't be afraid to dip your toe into the old Top Breaks. The little .38s and .32s are often very very inexpensive because they were copied so much that the market has always been flooded with poor quality clones from other companies. This means that sellers often don't realize that there is a difference between an Iver Johnson and a S&W, but make no mistake, the difference is staggering. Keep in mind that a Colt SAA in the early 1900s was about the same price as a little S&W Top Break. These were seriously premium guns, and when you have one in hand and look at the workmanship you will begin to see why. I find them to be an absolutely fantastic way to get a really good education on what truly fine gunsmithing straight from the factory means.
