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That's a very nice old first year Army Special.
It almost certainly been refinished because the Colt pony is missing from the side plate, and the sides of the hammer appear to be blued.
Originally, Colt polished the sides of the hammer to remove the blue. This was to prevent the finish from wearing off with use.

Short of someone posting a first year Army Special showing the side plate, I assume Colt stamped the Pony as usual on DA revolvers.

I'd recommend cleaning the barrel thoroughly, since what may look like corrosion may be nothing more then leading.
Buy a Lewis Lead Remover Kit from Brownell's and this will clean out any leading.
If the barrel is rough you might improve that by using JB Bore Paste also from Brownell's. JB is a non-embedding super mild abrasive paste used to clean stubborn fouling from barrels.
I won't harm the barrel since it was first used by benchrest shooters to clean fouling from barrels for the best accuracy.

As above, unless it was a special order, your revolver would have shipped with the then-standard grips of hard rubber with molded in checkering and Colt logo.
You can often find originals on Ebay and the gun auctions, but since age has caused them to become brittle, they're often cracked, chipped, or broke.
You can buy modern plastic exact replicas. These will probably require slight fitting since back then Colt mounted the grips on the frame during final polishing before bluing to insure a perfect fit:

Colt® Army Special Revolver

Click on the small picture and it will enlarge so you can see the grips.
They also sell correct type bushings and screws.
 
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