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It is a Smith & Wesson, .32 Hand Ejector, Third Model, made between 1911 and early 1942, serials 263001-534532.
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James, I believe that the original post says it has a
5-digit serial, which would make it a .32 Hand Ejector Model of 1903, 2nd Change, made ca. 1906.
tommyd78: Please clarify. Also, one other question...
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...the # I found when I took off plastic grips is 516_ _ .
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Is this number on the bottom of the butt, or on the frontstrap below the trigger guard?
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...the target grips do add some to the value.
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However,
most early .32HE's with original extension stocks (or target grips) had the serial number on the frontstrap so it could be viewed without removing the stocks. IOW the extension stocks
might not be original to the gun, but it's hard to say, and it may be impossible to know for sure without requesting a factory history letter.
The serial number of the gun would have been written on the inside of the RH panel at the factory with light-colored grease pencil, but on hard rubber stocks this age, the writing is often so smudged that it's illegible.