Redhawk; I bought one in 95%(conservative estimate) for $235 OTD about 6 months ago,but this was a good deal.
Obviously like yours,it was a pre war,as the caliber was not offered after W.W.Two, Mine is a 6",so there should be a slight premium for your 5",as they are a little scarcer.
Your's does not appear to have correct pre war stocks,as they have blued screws;the pre wars had nickled escutcheons/screws,and while I can't really tell from the photo,the checkering also appears to be post war(1954 or so,or later. If they are original,they will have the numbers written on the back of one.
Price wise, the earlier Army Specials,nearly identical,have really taken off,and intelligent collectors are also going after the pre war O.P.s. But because the O.P. was continued after the war,some don't place that high a value on them(but sadly they aren't the "deal" they were about 5 years ago,when they were priced lower than S&W M&Ps;NOT ANY MORE!): At least in N.New England where I reside.
So,without the box,etc. I would say you should ask around $350,as the 32/20 is much rarer than the .38 Special. If a prospective buyer complains about the price of factory 32/20 ammo,send him here,to the forum. If he is a reloader,I will give him some loads and tips,as this can be a difficult round to load for,but once "perfected",it is a blast to shoot(pardon the pun!) and is a very sure killer on woodchucks,racoons and skunks. And if a buyer has a 32/20 rifle,he can double his pleasure!
My battery of 32/20s have taken many of these,along with an M-16-4 S&W .32 Magnum. But for the most destructive,I like my M-53 S&W .22 Jet!
I took the grips off and there is nothing writtin on the inside of them. The medalions are gold colored, and the screw and escertion is blued. They (grips) were relieved to a depth of about .020" on the inside in such a manner that only the outside perimeter of the grip contacts the frame
I find the 32/20 to be frustrating to load for as a handgun cartridge, but there are loads that shoot well in this gun--just not many.
My theory is that the thin brass in the neck does not offer a very secure bullet pull, and the large case (for the bore size) calls for a rather slow powder (4756 is one good one). This combination is not compatible with consistent shot to shot velocity.
When you find a good load however, it will shoot as well as any other handgun.
Yeah,gold medallions definately place the grips as later in the 50's and 60's.
You mustve been shooting that 32/20 (and maybe have read Waters' fine piece on the 32/20 in "Pet Loads" as that's the data I was gonna give you,with the 4756 and the thin necks and need for a consistent crimp. I like the 115 gr. bullets as they have more bore bearing length. These late model O.P's can take a stiff load,but not as much as I dare put in an older "mixed numbered" 7.5" SAA.
Hopefully you can find a buyer who is shooter,and will appreciate the rarity and utility of a later model O.P. in 32/20. They are stronger than a 32/20 S&W M&P(but I have a reblued M&P 32/20 Target,that despite only a "good" bore,is very accurate with milder loads,especially w/jacketed bullets.)
About the only "new" 32/20s one can buy today,are the "SAA Clones".(although Colt turned out a few SAAa from the Custom Shop recently) I have a Bisley clone,dual cylinders,that is only fair with my best 4756 load,but a tack driver with its other cylinder,in .32 magnum!
Again good luck with your sale,and hope you will find a buyer who will appreciate the 32/20 in a finely fitted and finished Colt.