Assuming good grips,bore,no pitting etc,the gun IS worth $300. Most of these PP Targets Ive seen are in .22 WRF(try finding ammo!) next most common are the .22 lr. & finally the .32s. They are not "common",and while not short barrel like a "Kit Gun",would make a nice trail gun,with suitable leather for those adjustible front sights. I had a slightly earlier New Police .32 Target & it was a nice shooter,but just a little too muzzle light for my taste(light guns have to have a very light trigger pull to avoid "jerking"-thats what I always had against most Lugers,30 oz. with a heavy trigger.) In summary,without seeing the gun,$3-400 seems about right. Good Luck
Thanks Lone Wolf. I noticed that the rear sight is also adjustable, but only for windage. I happen to like the 32s and reload for them. I've got a few S&W K-32s and when I seen this, I figured that I better take a good look at it. I've scrambled for reading material in the last two days and also found that the 32s are not as common as the 22s. Thanks again. You fellas may just turn me into a Colt guy!