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Actually, it is a Model 1862 Police and it has a 4-1/2" barrel. Look at past prices on Morphy/Julia auction site and you will see realized prices of guns in similar condition which will give you an idea of the retail value.
 

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Matching?

Blue book at 30% lists at $1,750. But the blue book doesn't buy or sell. As mentioned, actual auction results give you a feel for the market.

https://www.morphyauctions.com/jamesdjulia/item/lot-2321-fine-early-colt-model-1862-police-percussion-pocket-revolver-39456/

2010 Julia auction, the floor bid was $1,650 and $1,897.50 after premium. It did not sell, as it did not meet the $2,000 minimum bid.


https://www.proxibid.com/Firearms-Military-Artifacts/Firearms/Colt-1862-Police-amp-Pocket-Pistol-36-Navy/lotInformation/44020078

2018 Connecticut Firearms Auction, the floor bid was $1,200 before premium. It also didn't sell as the minimum was $2,000.


Both the guns above appear to be in better condition than yours.
 

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If all matching numbers, bore is good, and action is good, a dealer would probably ask for one in the shape of yours at probably between $1500.00 and $1800.00. This is based on ones I've seen lately for sale on dealers sites. That said, the dealer would of course offer you several hundred less to buy it from you. Pictures are okay but are sometimes deceptive and do not match what the gun actually looks like in hand. One really needs to have it in hand to decide what to pay.
 

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At the last gun show I was at there was a Model 1862 that appeared consistent in condition (Swag01 is correct, in hand is the best way to appraise) as yours in the photo. Saturday morning the dealer started at $1650. By Sunday closing, he was at $1475 and it went unsold as far as I know. Different parts of the country will affect the value as well.
The advice given by others in regard checking gun sale and auction site PAST actual sale prices should give you a good average cost/value for like revolvers. Good luck.
 

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According to your link it was sold for $1200 (plus premium).
It may have sold. But most likely not. There is a reserve price on many items at an auction, and the reserve price is usually near the low estimate. The low estimate was $2,000, and the bid was $1,200. The auctioneer hammers down and declares "Sold" on every item in an auction, even though it does not meet the reserve.

Check the major auction houses. They will have post-auction sale lists for those items which did not meet the reserve.
 
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