Not sure off the top of my head when Colt began making 1911s for the commercial market, but your gun is one of them it will have a "C" prefix to the serial number. This would increase the value.
To be worth $3,200, that gun would have to be at least a 95% gun ( percentage of the original finish remaining ) and have all original parts. It should be blued, Parkerizing hadn't been invented yet. Grips should be wood, with double diamond pattern. Look for anything that seems out of place, like a part that exhibits more or less finish wear than adjacent parts. It should have the long trigger, a flat mainspring housing, a grip safety with a short tail, a wide hammer spur and no scallops on the frame.
I see 1911s matching the above description in the Rock Island Auction Co. catalogs going for around $3,000, all the time, but when you get to this level, correctly assessing and grading the percentage level of the finish is critical. Each extra percentage point after 97% can significantly raise the value of the gun.
Must have those pics!!