Dilemma--To buy or not to buy Colt New Service in .38 Special

Unfortunately, my local gun store is closing after losing their lease because of redevelopment. However, they are selling off their remaining revolvers at a hefty discount because of this.

One of those marked down was a late 1930's era, 5 inch New Service Colt Revolver--approximately 80-90 percent bluing (holster wear, no pitting), gleaming bore and cylinder, and the most firm lockup that I have ever felt on a revolver. It is chambered in .38 Special and I believe has rack numbers preceded by TVA on the backstrap and butt bottom. It has fixed sights and is clean.

It shows no signs of being disassembled by Bubba or being rechambered/refinished with pristine side screws and markings and has original Colt wood grips. Timing and trigger are very smooth and the giant cylinder on it makes the trigger pull one of the lighter D/A that I have felt, let alone on a Colt. S/A is like a glass rod break. Guy wants $500 out the door for it marked down from $900.

This is one of those that I don't need, was not looking for, but wonder if that is a decent price with potential to climb modestly while I shoot it on occasion.

Colt fans familiar with these guns, is this something I should acquire at that price?

UPDATE AT BOTTOM: summary, bought it, pix in post below.

Sigh, I was hoping you would tell me it was a piece of junk that sprayed bullets left, right, up, and down. Instead, I'll probably have to go there tomorrow and make a deal. I will post pix if I get it.

I have several Colts lately acquired including a .32 New Police transition model (stamped New Police and Police Positive on barrel) where I had to replace the original 4 inch bulged barrel and by chance found a rare 6 inch tube that was a transition model barrel itself that matched the frame perfectly by my gunsmith. And a 1950's Official Police in factory nickel with a bit of pitting around the pony near the grips unfortunately while the rest of it looked great. The workmanship on those old Colts was simply amazing.

For the Smith fans, the LGS going out of bidness had a 1905 1st Hand Ejector in .38 SPC for $300 OTD, an overpriced Police Positive Special from the teens at $400, and a refinished (hot blue) Navy Victory Model for $350 OTD. The only sad thing is that the Victory model's S&W emblem had been poorly polished and was blurred--the rest of the marking did not appear to be so. I'd be tempted by the Hand Ejector but waiting for one in .32 S&W Long as I have enough .38's.

Y'all are enablers, you know that--in a good way.

Ironically, with the stock grips and relatively small hands, I found the reach to the trigger about the same as the GP100 on the beast and he trusted me enough to dry fire it with a snap cap. It is heavy and the amount of steel between chambers in the cylinder is freaking ridiculous.

Action is smooth in DA as the large cylinder moved around like a giant flywheel to make the trigger pull seem lighter than it probably is, lockup is like a bank vault, and I suspect given the barrel length (5 inch) and approximate date of protection with the butt marking and backstrap that it was an old Tennessee Valley Authority (TVA) security guard pistol which the TVA is a documented purchaser of these in .38 SPC.

I had overlooked it for years as I figured that it was a conversion or a .38-40 and at $950, I wasn't interested in a monkeyed with Colt.

Update,
Got it. Put down half on it today with rest due end of month. Here are the pix. According to Colt, it was made in 1936 by the S/N and had U.S., TVA, and a rack number on the backstrap and the rack number on the butt. It has a 5 inch barrel which was the length that I saw in a article as being the length that the TVA bought. Barrel is fine with sharp rifling but a tad fouled with a couple of lead streaks.. It has a slight big of light crud on it that appears to be old dried cosmolene/grease, not pitting near the bore and came with some scratches. Cylinders are fine and rechecked function and timing which is fine as well. Doesn't seem to have had much use other than holster with finish wear along the holster and the scratches appear at the butt end where the grips end and the frame begins. No lanyard nor any apparent install of a lanyard and the grips are worn wood with colt emblem.

Thanks to all for your help and comments. I will post back when I take possession of it with additional pix and maybe a range report if I am up to it. Anyone know what ammo these beasts like to eat? Sorry about the pix but they are from my camera phone and in reality, all markings are sharp as is the lettering of Colt New Service and the pony.

As an aside, I have small hands but I found that the reach to the trigger allows me to put my power crease of the first joint firmly in the middle. The GP 100 won't let me do that with stock grips (rosewood panel type). I had believed that I had read somewhere that the .38 SPC has a slightly different frame than some other chambers but not sure about that.

40-82 said:

Let's suppose you're so hard up that buying it means missing a few meals. That's what belt notches are for. You can go two notches in for a New Service.

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I got it so now I have to start missing some meals. Fortunately, I can do that as I needed to lose some weight anyway after the holidays.

40-82 said:

Be a fine, accurate revolver to use to pop a squirrel or a rabbit in the head. I hope it works out that you don't miss a meal. If you were anywhere near close, I'd be happy to cook you some venison.

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I actually have a 1907 Transition model Colt New Police/Police Positive 32 S&W Long for that. The Colt New Service looks like it would scare them to death just looking at it. Dirty Harry ain't got nuttin on the fearsomeness of the Colt New Service pointing at you.

Thanks for the dinner offer. Smacking my lips at the thought.

Gordon said:

173 grain Keith SEC and 7+ grainsof Unique

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Thanks. @Gordon Is that SWC the same as Lyman # 358429?

40-82 said:

That's true. The New Service is a big revolver, and properly tuned, nothing is quite like that old Colt action. I love the little 32 S&W Long, but if you happen to have the .38 on you very little meat is going to be lost by popping a squirrel with one. In fact, I often supplement my diet and give it a little variety shooting them with .44 Specials or .45 Colts. Unless you've just got this deep hankering for squirrel head stew you won't lose anything usable with any revolver cartridge, especially with cast bullets.

A little on the Tennessee Valley Authority history: when they invoked Eminent Domain to take the land for their hydroelectric projects their original position, the one they filed with, and went to court with, was that they understood they had to pay for the land the dam was situated on, but the land behind the dam, and flooded by it--that was an act of God, and they owed those landowners who would be flooded out nothing. Of course they lost in court.

For you, a lawyer, who believes in freedom, to end up with their revolver is almost akin to a GI bringing home a war trophy from World War II.

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I have read up on some of the ends justifies the means things and it forced about 15,000 or so people out of their homes while political players bought up the land that would not be flooded for a song. But, on the other hand, that massive power was needed for the Manhattan Project which helped win WWII and save a lot of lives. I always regret though that the sacrifices are usually made by the ordinary Joes when these things go forth.

Mr. Smith Goes to Washington had a hint of that in the movie based on tales from the TVA and Columbia River projects.

@40-82, You are a far better shot than I am if you are popping off squirrels with 44's and 45's and having pot meat from it. I recently bought the .32 S&W's simply to have a quieter small game getter and target shooter without the heavier trigger/hammer springs on a .22 LR or WMR rimfire. You can reload them pretty cheap and easy too.