Where's a good home for this and guesstimates on its value ?

Well. the letter actually states "aluminum frame and barrel with a blue finish, a 4 inch barrel" I don't believe that actually means an aluminum barrel - Should be a comma after the word "frame". In any case, a very interesting and historical piece.
 
Now this is a rare piece! Definitely worth spending $100 for a factory letter. Aluminum frame? Yes. Aluminum barrel? It would need a steel liner to have durability, so I'll wager the barrel was a standard Model 15 carbon steel barrel.
 
This is probably a good place to find it a home if you are wanting to sell it. Hard to put a value on it since it is so rare. SCSW 5th Edition says a 1954 K-38 Combat Masterpiece in Excellent condition is a $700 gun. Some multiple of that number. Might just show the best pictures you can and maybe the page from the "X" number book. Wait for your mailbox to fill up with offers.
Other thing you could do is list it at one of the big auction houses. Advantage to selling it here is you won't be charged a fee to sell it.
David it has been appraised at $3500 + by two appraisers. Blue book said 850
 
I know what it's worth. I've got $700 handy for that gun.🙂
For the traditional Combat Masterpiece you are correct. ( blue Book's written appraisal support you! ) But Rock Island is saying $3500 + and the first written IRS approved Appraiser has issued a report of $3500 +. I share with you something about gun appraisers. If they cannot sign an IRS 8283, then their value is worthless !!
 
This is probably a good place to find it a home if you are wanting to sell it. Hard to put a value on it since it is so rare. SCSW 5th Edition says a 1954 K-38 Combat Masterpiece in Excellent condition is a $700 gun. Some multiple of that number. Might just show the best pictures you can and maybe the page from the "X" number book. Wait for your mailbox to fill up with offers.
Other thing you could do is list it at one of the big auction houses. Advantage to selling it here is you won't be charged a fee to sell it.
 

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$700 X 5 = $3500. I said I thought some multiple of $700. $3500 sounds like a good starting place. Rock Island is pretty knowledgeable so would not argue with their opinion of $3500+. Think the major auction houses will probably charge you something like 20% of the proceeds. So $5000 there would be like $4000 here.
Congratulations on having a rare and valuable gun!
 
Reminds me of this thread about the stainless model 15 that surfaced:

 
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