Vintage 1956 Pre-24 how rare is a 5" barrel ?

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Pretty rare if it is legit. Please post some pictures, especially of the barrel roll marks and the front of the barrel. You'll probably need a letter to confirm the original configuration. Let's see condition and validation of originality before we get too far in to the valuation discussion.
 
The barrel and all the other parts that are supposed to have serial number marking are marked S1463XX. I have owned two 1950 Target models, this looks identical to them except 5" barrel, it is the satin blued variation. I can text pics to anyone who would be kind enough to post them for me.
 
As far as i know most came with a 6 1/2 in standard. Back then you coukd order almost whst ever yiu wanted from smith if you had the funds. I never seen a pre 24 in that barrel configuration.
 
Your photos are probably an iPhone format that the website doesn't accept as uploads. I screenshot them to get them to upload. There may be a better way to do it.
 

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What's the opinion on the OP's gun? All legit? Certainly seems like it could be with the exception of the grips.
I don't think it originally shipped that way, but there no reason to guess since it's easy enough to check with the full serial number. It certainly looks well done and it's a cool gun. The grips are great. Just one note: to me the front sight looks taller than the patridge sights I have from the same time period.
 
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Here's the front sight of a 1950 that letters as shipped with a 6 1/2" barrel then cut to 5" later. It looks very similar to the one posted above…

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@Marksman - Does your gun have a date stamp on the grip frame? This gun was returned to the factory in January of 1971.

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