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First, .38 Long Colt is not made any more, and it is generally not recommended that .38 Special be used in those guns, even though it will fit in most. The .38 Long Colt cartridge is about 0.13" shorter than the .38 Special. Certainly, the "hot" .38 Special loads should NEVER be used in those guns. Some owners of revolvers chambered for .38 Long or .38 Short Colt trim .38 Special brass to the correct length and reload using black powder or a very light load of smokeless.
The serial number on the butt is in two lines so it is 24228, made in 1893.
The patent dates indicate that the gun is the Model 1889 Navy Double Action revolver, the earliest version of the revolver that was later adopted as the standard service pistol by the U.S. government, and which failed spectacularly in the Philippines when the power was insufficient to stop "Moro" attackers.
Since your gun has no Navy markings, it is the civilian model.
If you look, you should see that the cylinder has no locking notches on the outside like newer revolvers; the hand acts on the ratchet to work as a cylinder stop.
The free rotation of the cylinder, which you mention, was the major defect of the revolver and the one the Army insisted be corrected. The problem was that if a soldier or sailor fired one round then holstered the gun, the cylinder could rotate backward and a second firing attempt could result in the hammer falling on the already fired round, an obvious problem. So Colt refined the works to incorporate a new cylinder stop, and a separate part to lock the cylinder with the hammer down. The new model became the Model 1892, and other minor changes resulted in the Models 1894, 1895, 1896, 1901 and 1903.
As to value, unless the gun is rusted or has has been damaged, $175 is a bargain. In average decent condition (60% finish), a fair value would be $600. Even at 10% finish, the books show it at $300 or so. In like new condition (rarely encountered) value would go close to $2000.
Jim
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