I have a 1903 pocket (model m .32 acp) type IV and a 1908 pocket (model m .380 acp) type III. Both types are identical, just the "calibre" being the only difference. These colts can be overshadowed by the ever-popular trusty 1911. However I feel these old colts do and will continue to hold value.
I will say that for a type IV it sounds a little high, but we all know colt prices can really be hard to nail.
I bought my .32 in 2002 for 530.00 OTD. I didn't really know much about these guns at the time, but the fact that the gun was cherry with the original box, made it a quick decision. Last year I went to an Ohio Gun Collectors show where they had a display show. A gentleman had a booth describing in detail the lure of these small autos. I became fascinated, and have loved them ever since.
In a nutshell I took this away from the meeting. There were over 570,000 .32's produced for military and civilian use from 1903 to 1946. Majority of those were blue with earlier black grips, or the later type IV wood. Chances of one of these making it thru the years in good condition is a lot higher than some of the lower production numbered "nickel plated, mother of pearl grip" .32s. You can see a correlation in current values, and boxes / paperwork can add significant value depending on type. As for value on my gun, I would put it some where near 1000.00
The 1908 .380's production numbers were significantly less than those of the .32. There were something like 138,000 .380s produced from 1908 to 1946. This lower production almost guarantees less chance of coming across a .380 in nice condition. Factor in plating and/or boxes, paperwork, and the price keeps climbing.
I bought my 1908 with box, papers, and an old box of ammo for 825.00 OTD. I wanted it for less, but that was the lowest he would go. I felt the gun was undervalued a little so I justified my purchase by breaking down the cost of the purchase. I told myself if I broke up the purchase and sold the ammo, box, and gun separately, I would make money. I now feel this gun is worth 1300.00
There can also be some significant price differences between the different variations of each model. A mint type I gun should have some premium over the latter type III/ IV guns.