aluminator:
Your .38/32 Terrier was produced between 1936 & 1940. Serial range for those years was 38976 to 54474. The .38/32 refers to a .38 S&W chambering on the .32 sized I frame. It shared the serial range of the square butt .38 Regulation Police. 500 examples of the Regulation Police in the 47440 to 48127 range shipped in January 1938, so 1938 or 1939 seems likely. for your serial number.
There was a smaller S&W Hand Ejector, the .22 long Lady Smith on the tiny M frame. This was probably too small, as the forcing cone is known to crack when shot with long rifle rounds.
The grips on your gun are aftermarket, probably from the 50s or 60s.
ruger1228:
An AYPxxx serial number should date that gun to around February 1988.
Prodict code 1036089, was used between 1984 & 1995 for the non-drilled and tapped version, and from 1995 to 2001 for the drilled and tapped. Specs were stainless, target stocks, combat trigger, target hammer, red ramp front, white outline rear and 8&3/8 inch barrel.