I am assuming it is a top break revolver. The following information was taken from the Standard Catalog of S&W:
If it has an external hammer, five shot cylinder and black hard rubber grips with a S&W monogram, then it is a .32 Double Action 4th Model, manufactured between 1883 & 1909 in the serial number range 43406 to 282999.
If it has an internal hammer and an external grip safety, five shot cylinder and black hard rubber grips with a S&W monogram then it is a .32 Safety Hammerless 2nd Model (also known as the New Departure or Lemon Squeezer) manufactured between 1902 & 1909 in the serial number range 891418 to 170000.
.32 S&W (also known as .32 S&W Short) is still available in smokeless powder loads. Most of the .32 double Actions would have been made for black powder loads. Expect a reduced life if you shoot it with modern ammunition. 3.5 inch barrels were common as was nickle plating.
In 2006 a very good condition .32 Double action 4th model was worth $200 & a .32 Safety Hammerless in very good condition was worth $170.