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I know little about these older Colts, but from what I can tell. It is a Commercial, the sites look to be S&W revolver sites(This was real popular in the 70's) IMHO If I was looking for a Government Colt, I would buy it but I have a real soft spot for 1911's with Smith sites. I don't think it's worth more then $800 so if your buying it to sell then no, to keep, I would.....FYI Make sure it's a FTF deal.
 

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It is NOT a Model of 1911. "1911" is a military designation. It is a badly worn commercial Government Model that has been modified. (I cannot make out the serial number, but the pistol is probably from the early 1950s.) It has no collector value, only shooter value. I would pass, unless ridiculously cheap.
 

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During the period of time that pistol was made the grips/stocks had a shrinkage problem. If you ever took them off you were unlikely to get them back on, and some would even split from the amount of shrinkage. The stocks on it now are WWII GI Colt. Looks like the hammer has been bobbed somewhat. Just my opinion, but way overpriced.
 
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