ok. i found a serial number on the inside right panel of the grip. it says 27824. the butt of the grip does not look like it has been modified, but there is no number there. out of the two terriers in your first pic, it looks like the bottom one, but with the top one's cylinder release latch. since i can't seem to post a pic, is there any way i can email the pix to you hondo or les?
Ok great pictures! It doesn't look like the bottom gun in my first photo, look at the difference in the size of the trigger guard. Those are I frames. Yours looks like the J frame, top gun in my 2nd photo!
Now we know that the true serial # has to be R27824, albeit the R is not usually stamped on the stock or ext star. And that #, the thumb piece and non diamond stocks clearly prove it is indeed a Model 32-1, J frame from 1969.
Because the Gun Control Act of 1968 requires letters in serial #s, the serial # range for your gun began over again at R001 thru R30,000 in 1969. The same law that makes removing or tampering with a gun's frame serial # a federal offense if done w/o express permission from the BATFE.
The butt to me, looks obviously like the # was removed and polished with an attempt to cold blue over the spot where it was. That's not factory bluing and doesn't match the blue black of the rest of the gun.
Are the stock panels slightly long for the bottom edge of the grip frame or look like they've been trimmed?
I hate to be the bearer of bad news but that gun should never be sold/traded with a tampered butt of the frame serial #. But I will say, that because the assembly #48354 is stamped on the frame, left side of grip frame, it could appear legal to a casual observer or average LEOfc, however not a knowledgeable dealer. But the assembly #48354 might be used by a novice dealer for registration purposes, although that might not be required for a private transfer in your state.
It's not a first, as this mistake is not uncommon by dealers who take the # from the yoke area on early S&W revolvers because later larger frame guns do have the serial # in the 'yoke cutout' of the frame in addition to the butt of the frame.