Revolver Value

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I have a 1948 38 Special, Masterpiece, 5 inch barrel, nickel--near perfect, in excellent condition with checkered wooden grips, also in excellent condition. What is the value of this gun? I love it and may not want to sell it. I am just curious.
 
It is a .38 Military & Police from the year you mentioned; the Masterpiece indicated a gun with a Target rear sight and would have a K serial number prefix. Assuming it has all original parts and has not been refinished it is probably in the $500 range. Hope this is helpful.
 
Your M&P likely would have shipped in early to mid-1949, and is referred to by collectors as a pre-Model 10 M&P. It's not a Masterpiece. Those all had adjustable rear sights and serial numbers having a K-prefix. In top condition, I'd say $400-$500 without the original box and paperwork.
 
Welcome to the forum.

After producing 2,000,000 .38 M&P revolvers, S&W went to the C serial number prefix in March of 1948. I would guesstimate that your gun with serial number C 39678 shipped in December of 1948 or January of 1949. I own C 2077 that shipped 11/1948 amd C 46336 that shipped 1/1949, so absent of a weird shipping date (which is not uncommon for S&W's) I feel safe with December 48 or January 49. My C 46336 is also a 5" barrel.

As others have stated, this gun has fixed sights and is not a Masterpiece that would have adjustable rear sights.
 
Thank you

Thank you for the info. It is a fun gun to shoot. I had a person question whether these were produced in nickel. Were they produced in factory nickel?
 
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