Maddock has it.
You DO sometimes see Vaqueros customized with adjustable rear sights, usually stolen from an S&W J-frame of all things
. Lemme see if I can get you a pic...yeah, go here:
http://single-actions.phpbb3now.com/viewtopic.php?f=5&t=1036&hilit=adjustable+sight+vaquero
All the guns pictured here are Vaqueros. Mine is the first pic, a "New Vaquero" (more on that in a sec) with a custom front, mostly stock rear (my rear sight "channel" is widened a bit but otherwise looks factory). The other two shown have fully customized rear sights. It's barely possible that's what you're dealing with: because it's a Ruger SA and has adjustable sights, the dealer is calling it a "Blackhawk" when it's a converted Vaquero. A converted Vaquero wouldn't have the "rarity value" BUT, if the conversion was clean, done by a decent gunsmith, odds are he's gone through the rest of it and it's going to run like a Swiss watch - again, at $450 a true bargain.
Factory Blackhawk frames look unmistakably different. See also:
http://images.google.com/images?q=r...US:official&client=firefox-a&um=1&sa=N&tab=wi
The most common rear sight configuration has the "ears" on the frame either side of the rear sight body to protect the rear sight body. Much less common is the "flattop" layout where the whole top of the frame (except for the ACTUAL rearmost part of the sight) is flat. If it's flat like that, snatch it like a thief. If it has three cross-pin screws, it's OLD - pre-1964 or so, and wasn't originally a 45 but a 44Mag most likely. BUY IT, period.
Starting in 2006 Ruger did a limited run of 44Magnum "flattop" reproductions but with two screws and the safety. It's possible such was converted to 45LC but that would be damned recent for an estate sale.
In 2005 Ruger did a run of a smaller-frame all-blue Blackhawk 357magnum flattop, 50th Anniversary edition. This is the only recent-production (as in 1973 and forward) Blackhawk build on a mid-size frame. It's *possible* one of those was converted to 45LC. In which case...well, it's worth about $450...then again, if it's also case-color it's been seriously modified and my take is, as explained more below, snatch it up.
Understanding Vaqueros:
The original Vaquero (now out of production) was built on the same larger, 44Magnum-class frame that all the SuperBlackHawks and most Blackhawks (except the 50th Anniversary 357). They shipped in large numbers, including 45LC on down. They are hell for stout but are "oversize" compared to other "cowboy guns". In 45LC they can fire special high-power "45LC+P" ammo that sometimes meets or even exceeds 44Magnum power.
The "New Vaquero" model is built on a smaller frame similar in size and heft to the Colt SAA. It cannot handle 44Magnum-class power. Ruger's factory calibers so far are 357 (like mine) and 45LC. Other than coming factory with fixed sights and a Vaquero-shape frame, this is the same gun as the 50th Anniversary Blackhawk 357 - the two share key parts including the cylinders. The manufacturers of the 45LC+P monster ammo are warning NOT to use the stuff in a New Vaquero. But if you can live with that limit, the New Vaq quality control is very high - these are on average more accurate than their bigger cousins and your odds of seeing a "lemon" are lower. That's why I own one and with no regrets at all.
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OK, having said all that: the weaknesses of the Rugers are minimal and well understood. If there's any evidence the gun has been customized, and you like what you're seeing, I'd say grab it. It's not at ALL unusual for a guy to put $1500+ worth of customization into a $500 Ruger to get it tuned to absolute perfection (like line-boring) and then on his death, the widow takes it to a gun shop and get a "used Ruger" price.
To give you some idea what we're talking about, let's look at line boring. The barrel and cylinder are removed. A brand new high-strength cylinder with no holes in it is mounted. A special drill setup is screwed into the frame where the barrel was, and the cylinder bore holes are started
specific for that frame. A factory Ruger might do 5" to 6" groups at 100 yards if typical. A line-bored gun might cut that in half or less. PLUS the cylinder will be tougher and the chambers will be properly sized. And then the action will be worked over.
People pay $2k or more for this sort of thing, m'kay?
So: if it really is a Blackhawk and it's case-colored, it's either a prototype Ruger or it's been customized. Either way, score.
If it's a Vaquero with adjustable sights, it's way custom. God knows how much more work was done past the sights. If everything looks sanitary, hey, go for it.
If it's a stock "old Vaquero", well...OK, if you WANT big power in the 45LC cartridge and you can do without adjustable sights, it's worth $450 tops, in mint condition. No special deal, but...not a ripoff either.
If you want the smaller handier NewVaq OR you want adjustable sights, give this one a pass.
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I'd say don't judge nuthin by the grips because those get customized all the time for a particular owner.