Hi, Other Jim,
According to Clawson (Colt .45 Government Models), those pistols (250) were shipped to the New York State Arsenal in Brooklyn on Dec. 16, 1950. Serial numbers were in the range 246799-C thru 247464-C. The pistols were supposedly bought by NY to replace National Guard pistols which were recalled by the Army during the Korean War.
If your friend has one of these, it would be a nice collector's item, though I hesitate to provide a value. You might check with the M1911/A1 forum at
www.gunandknife.com and see if anyone can provide more info. The condition of the pistol is very important.
Jim