The serial puts production in late March or early April 1942. This means it was produced during the freeze on civilian sales and was shipped to an authorized user on a DSC authorization, most likely a police department.
The front sight looks hand-modified; I believe that vintage of OP came with half-moon front. Such modifications were common.
Wild guess on value: 400 plus/minus. I haven’t looked at auctions lately. Maybe check Gunbroker.