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It looks like a straight 32-20 x 5-1/2" to me. Made around 1904 or 1905 going from memory. The right side of the triggerguard shows a little gap where it meets up with the frame. This usually happens when the triggerguard screws get loose and the triggerguard sags down a little bit and the screw in the bottom of the frame that keeps tension on the loading gate backs out a little bit and then the triggerguard screws are tightened down making the triggerguard bend a little bit. The blue appears to be original. The carved pearl stocks aren't colt manufactured in my opinion. They are similar to factory grips but not exactly what colt carved factory pearls look like in the time period, but a lot better than some of the droopy horned slant eyed grips that I've seen that were none factory. Note the small front sight profile....in this time period the 32-20 was the only SAA that had this profile of sight. The rest of the calibers were all alike.
 
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Pretty nice gun overall. The grips are really nice (price MOP carved grips some time). SN looks like 1905 made so a transitional gun. Hard to say more without more photo's. They guys on here are real experts and they should give you some excellent info. Nice gun.
 
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Not much to add to what has already been said, except it should letter during the first half of 1904.

Thanks for showing the complete serial number; I was able to add this single action to my survey and database of when Colt really began proof marking 1st Generation Single Actions.

The only other observation I have, and I don't know if it is a photo anomaly, is the trigger guard bow appears to have been deformed along the bottom making it protrude downward, but that might just be an aberration.

Nice old single action!!!!
 

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That is a nice gun with great grips. Grips have a little damage but not too bad. I think it is a $3500-$4000 gun. A larger caliber with less damage on the grips would make it worth even more. It always gets my attention that these great old Colt SAA's ended up in far away places. Regards.
 
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