Post war, prior to when S&W began marking their revolvers with a model number in 1957, this revolver was known as the K-32 Masterpiece. Beginning in 1957, "MOD 16" or "MOD 16-x" (where the x is 2,3 or 4) was stamped on the yoke. Between 1947 and 1974 there were a total of 3,630 manufactured, all but about ten with 6" barrels. In 1989, S&W re-introduced the MOD 16-4, with 4", 6" or 8 3/8" barrels. These were made through 1992, with a total of about 8800 being made. I believe all the 16-4s were made with a full length lugged barrel, though I am not positive about this. All Model 16s came with adjustable target sights, thus making them "target models" by default.
Prices for these have been steadily rising, with the 16-4 being the least expensive. For a nice specimen from the '47-'74 era, expect a price of $3000 (if you are lucky) and up. A 16-4 can still be found occasionally for $1200 - $1500, but the prices on these seem to be going up quite rapidly. While not rare, they are somewhat scarce.
Here's a pic of my 16-4.