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It looks like a micro-type rear sight with a tall ramp front. Modifications of this type were common in the late-40's though the 50's for folks wanting adjustable sights for their big bore pistols. It looks well-done. Whether it affects value may depend on what brand it is, and who did the work. If it's Kings, collector value may remain constant or even rise a bit depending on the buyers preferences. If done by someone else, the value should drop some. If it's just for shooting, who cares?

Buck
 

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I can identify the rear sight as being broke...somebody done dropped her and the right "ear", she's a partially missin ;)
Gun abuse. Get the buggy and a rope and we'll track that feller down. Hammer has been recheckered. Whoever did it was fairly good. Doesn't appear he made a big mess of it. I wouldn't be ashamed of'er. Enjoy her for what she is.
Bob
 
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