Since prices are moving upwards almost daily, you might as well learn how to do a "completed auction" price search on gun broker, rather than someone's memory of what they paid a few weeks ago. Since Police Positive Specials are Colt's most produced model, their price has not moved up near as much as the more scarce models. I estimate $350.

 

The Police Positive Special definitely is a lot of bang for your buck. For whatever reason, they never caught on in popularity quite as much as the Detective Special, which is it's immediate counterpart, but you still get all of the craftsmanship and enjoyability that comes with anything Colt produces, for a lower cost. Unfortunately one of the best sites for you to learn more about them is currently down, but you can just use the search bar up top and find a plethora of old posts about the topic. There's a wealth of information from the last 20 years this site has been around if you take the time to search for it.

As for value, I'd say the worst you could possibly expect to get for it is $300. $350 is probably fair, and with how the internet auction have been going, you could easily fetch $400+ and I wouldn't be surprised. The most you could probably expect on a lucky day would be around $500. In much better condition, they will go for more than that, but their hotspot seems to be the $350-450 range for shooter grade examples. If you paid more than that from a local gun store, that wouldn't surprise me any. That's usually the way it goes.

Also, you're right that the grips are correct for the period. They might be reproductions, but that really doesn't hurt the value much in this case. Even in its condition, it's a sweet gun, and certainly worth taking out for a spin. You might want a knowledgeable gunsmith to look it over before attempting to fire it, but otherwise it's perfectly safe to shoot despite being from 1920. By 1907 Colt effectively perfected their standard for the modern revolver in terms of safety and function, so as long as all the parts are timed and maintained, there's nothing to fear. Just make sure you use standard pressure .38 Special rounds. No +P for that guy.

Even if you overpaid, nothing to be ashamed of. It's a great learning experience and a chance for you to own your own fine old revolver. Well used ones like this are packed full of history that make them neat to examine and enjoy. And the nice thing about Police Positives and Police Positive Specials is that if you're on a tight budget, they're an easy way to get into Colts without selling your children to make it happen. Along with that, you've got good taste. Pre-war Colts were some of the best ever made, especially those from the 1920s. That has to be the peak of Colt's craftmanship.

 

Normally PPS had stylized hard rubber grips with a "C" that went around the screw, and several leaf flourishes top and bottom. Like this:

Or after about 1929 they were walnut with a medallion. What is the serial number so we can figure out the date? With wrong grips, I'd take the value down about $100.

 

Nice revolver you have there. As mentioned by azshot, the stocks (grips) orn the Police Positive Secial were fancier in design than those on your revolver, which look like the ones that were supplied on the earlier Colt's New Police model.

 

The serial is 201253 which came up as 1920 for me. I actually fully detail cleaned the gun and reassembled. The person who sold it to me actually reassembled it incorrectly 😂. Only reason I know is I recently detailed a Colt 1917 I inherited which is virtually the same mechanism. I paid $400 for it, and here are some more photos.

Absolutely no rust on the interior, which im happy about. I am not a gunsmith, but am looking to become one. I have noticed that the timing is ever so slightly slow. I stumbled across a repeated post on this forum by an MVP member, whose name escapes me, for checking over your DA colt. It all checks out, but the bolt just barely doesnt make it into the slot, and I mean barely, and the bolt lands into the first third of the ramp as opposed to the middle third. There were a bunch of old forum posts from folks mentioning it's likely a worn out hand. I ordered Jerry Ks revolver shop books and a repro hand to see if I can't correct it myself.

The revolver actually successfully locks up in DA, but not SA. And if I cock the hammer back and then pull the trigger, you can see that the cylinder makes it's way the tiny little bit of travel left into position for SA.

I dont know any reloaders who can spare a few .38 primed cases but if I find someone I'll be asking!

I think that about covers it. I just didnt understand the low value because of how valuable other Colts of the era are. Although I read they made 750K of these things, so that might play into it. But a quality revolver nonetheless. I've only been into these old Colts for a few weeks now, but really the valuable info on this forum helps a lot to understand the deep history, I really appreciate it guys

 

I don't think you did too bad at $400. I have seen "asking" prices higher at gun shows and the chain-pawn shops for lesser quality guns. Their line is always "but it's a Colt!"

 

$400 is on the upper end of a fair deal. Those things are quite popular. My pile includes a 1919 and a 1948. I was fortunate enough to get a bargain on both: $325 & $350 a few years ago. These days, just about any Colt, $400 or less, should be considered to be well within reason.

 

You did OK price wise. 10-15 years ago, you could find those ( police positive specials, army specials and official police) for around $200 if you were patient on auction sites in that condition without original stocks. Now, at least $300 but if 2 buyers want it now, the price can hit 400 easily.

The timing you talk about is not rare on old colts. If all cylinders lock up when the trigger is pulled either single or double action, your fine but keep an eye on it. The proper fix is stretching the hand. If your not afraid of taking the action apart, stretching the hand is not difficult to do. Out of probably 10-12 old colts I did this to, I broke one of the hands ( it was a friends gun) so we had to find another hand. I suggest the Jerry Kuh. colt shop manual for these guns.

38 special at one time ( 40 years ago) was the most popular reloaded cartridge. Brass is easy to find. Primed brass technically requires to be ship UPS or Fed Ex ORMD but fired brass can be shipped USPS.
Your early police positive special has a unique grip frame that in the later 20’s was changed to a designed that fir more people. It’s still possible to find early pachmayr grip adapters for the early style, they help my small hand hold that somewhat small gun. Also, the sights on your gun are very fine, if you find them hard to see, 1X reader glasses help tremendously. Those were also changed in the 20’s to the more modern square sight picture.

Colt at one time said it’s post WWI 38 special revolvers we’re fine with plus P 38 ammo but you will find standard pressure 38 ammo so much more enjoyable from the thin grip frame revolver. Most likely you will find the standard 158 grain ammo shoot dead on at 15 yards instead the current 6 o’clock hold with the later guns.
Congrats on a fine Colt.

 

You did OK price wise. 10-15 years ago, you could find those ( police positive specials, army specials and official police) for around $200 if you were patient on auction sites in that condition without original stocks. Now, at least $300 but if 2 buyers want it now, the price can hit 400 easily.

The timing you talk about is not rare on old colts. If all cylinders lock up when the trigger is pulled either single or double action, your fine but keep an eye on it. The proper fix is stretching the hand. If your not afraid of taking the action apart, stretching the hand is not difficult to do. Out of probably 10-12 old colts I did this to, I broke one of the hands ( it was a friends gun) so we had to find another hand. I suggest the Jerry Kuh. colt shop manual for these guns.

38 special at one time ( 40 years ago) was the most popular reloaded cartridge. Brass is easy to find. Primed brass technically requires to be ship UPS or Fed Ex ORMD but fired brass can be shipped USPS.
Your early police positive special has a unique grip frame that in the later 20’s was changed to a designed that fir more people. It’s still possible to find early pachmayr grip adapters for the early style, they help my small hand hold that somewhat small gun. Also, the sights on your gun are very fine, if you find them hard to see, 1X reader glasses help tremendously. Those were also changed in the 20’s to the more modern square sight picture.

Colt at one time said it’s post WWI 38 special revolvers we’re fine with plus P 38 ammo but you will find standard pressure 38 ammo so much more enjoyable from the thin grip frame revolver. Most likely you will find the standard 158 grain ammo shoot dead on at 15 yards instead the current 6 o’clock hold with the later guns.
Congrats on a fine Colt.

Well 10 to 15 years ago I couldn't legally drive, so I guess I'm alright with that 😁

 

$400 is fair. I paid $350 for mine last year.

 

Howdy y'all, just a quick update question. I ended up going with lengthening the hand. I have shaped it out quite a bit and I've gotten it to successfully index on super slow SA. However, the slightest hang up on the cylinder with a finger or other obstruction causes the bolt to fail to index.

Basically, when lengthening the hand, how much is too much and how much is enough?
Thanks,

Logan