http://www.sightm1911.com/lib/review/sistema.htm
http://floridaconcealedcarry.com/Forum/showthread.php?21142-The-Colt-Systema-model-1927
I'll let you do the reading, but in summary:
Your pistol is a classic all-steel Argentine Sistema Colt 1911, probably manufactured in 1946. After the US adopted the 1911, so did Argentina. They contracted with Colt to set up a factory and tooling in Argentina. The Argentine Colts were produced using Colt designed tooling, Colt blueprints, and Colt production supervision and are generally regarded as being the equal of domestically US produced Hartford products. They are especially popular today as great base platforms for custom projects because they reflect the same old-school all-steel quality construction of pre-war GI guns...at about 1/3 to 1/4 of today's market price for an original 1911A1 or Colt commercial Government Model. The design is a Colt licensed clone of their 1911. Except for markings and a few cosmetic touches, they are pure Colt.
Looking at the pistol, it doesn't look like it's had any after market work unless those grips aren't what came with it.
The grips are commercial aftermarket (probably rosewood vice plastic originals).
The sights (front & rear) are commercial aftermarket replacements
The barrel bushing is a commercial replacement
The skeletonized hammer is an after market replacement
The front strap of the grip has been professionally stippled
Hard to tell from photo, but the safety lever appears to be a replacement
The grip safety is a modern replacement with beaver tail & memory bump
The entire weapon has been refinished
I can't tell for certain from the photo, but I see no serial # on barrel hood (indicating a replacement commercial barrel as well)
In a nutshell, someone took an imported mil-surplus Argentine Systema Colt, and semi-customized it. A very common project undertaken when these guns hit the market back in the 80's through early 2000's. I have two, one of which is set up in a very similar manner.
On an all-original weapon, the barrel hood (exposed top of the barrel visible in the ejection port) should reflect the same serial number as the slide and frame. As well, the original magazine for the weapon had a matching serial # on the magazine floor plate. Of course, during their decades of service, magazines were routinely mixed up in Argentine arms rooms and gun belts, so the likelihood of the gun having an actual matching serial numbered magazine is astronomically unlikely.
F.M.A.P. stamped on the left side of the slide refers to Fabrica Militar de Armas Portatiles (F.M.A.P.), the Argentine national ordnance factory/armory. Yours appears to be a former Argentine military-issue pistol (probably Army).
Assuming it shoots well and has no mechanical issues, your pistol appears to be a nice gun that someone put some thoughtful work into.
If I owned that pistol and decided to sell it, I'd ask $700 for it. I'd take no less than $600.
Pistol customization is a dicey proposition in that owners incorrectly assume that after market work adds to the value of their firearm, when the opposite is generally true. $500 work or parts added to a $500 weapon does not equal a $1000 dollar value.
In this case, the work seems nicely done and I think folks would pay a small premium for a combat ready weapon that started life as a quality steel Colt with no MIM or alloy parts.
Sistemas (also spelled Systema) sold for $200-$300 as imported surplus (before the supply dried up); they have been steadily climbing in value ever since (as have Chinese Norincos) and now routinely fetch $500- $600. So many were modified by shooters, that few remain in original military/police issue form. Thus, like M1903 Springfield rifles, collectors are beginning to pay more for specimens in good original condition.
It's a nice gun. I'd hang on to it and enjoy it.
Hope this helps...
