The CAI indicator means that it is a re-import. S&W made this for some LE or Govt Agency out of the country and when you see "CAI", that's the marking of the importer which is a legal requirement for getting the pistol back in to the United States.
In my opinion, there's nothing wrong with a re-imported S&W pistol, as long as you understand that it's a former duty/service gun and almost assuredly -WILL- have all the physical use/abuse/wear of exactly this kind of used gun. It's not a stretch to suggest that many or most issued duty/service guns have a ton of exterior wear, dirt, filth, scrapes and scars and yet are often not all "used up" mechanically.
Your idea to offer $350? That makes for a fantastic working gun at that price. However, if your thought is that it is likely not ever going to be "collectible", I absolutely agree with you.
All I'm saying? I certainly wouldn't be scared or hesitant of any re-import S&W if the pistol itself passed muster. My mid-late 70's 39-2 is formerly issued (Israel, I believe they said) and it's certainly a "beater" on the outside but what a total sweetheart, so much fun to shoot and loaded with character and an unknown but likely colorful history. It also has the re-import stamp on it, and that stamp looks out of place on an old pistol, but they were nice enough to stamp it on the bottom of the dust cover where it is somewhat less obvious.
If you want to see a mindblowing array of re-import Smith & Wesson? Search Gunbroker. PM me for the name of a h-u-g-e S&W re-import seller (as I don't want this thread shut down for discussing ANY live auctions) and you can see more well-worn and low priced 1-2-3rd Gens than you can handle.
