This Model 65 went for $605 on Gun Broker- It appears to be a transition gun having both a recessed cylinder and a large side plate logo but no pin in the barrel-
The 65-3 was introduced in 1982, dropping the barrel pin and recessing of cylinders. At a guess I would say the gun in question was a 'using up old parts' model.
The Standard Catalog of S&W gave a value of $400 for ANIB in 2006, so someone thought it was worth more than the average gun.
When Smith & Wesson makes a change - large or small - they don't throw the remaining older parts away. So for a period of time you may see some "mix and match" revolvers that include some features that were supposedly discontinued before the model-dash-whatever was made. Some collectors refer to these as "transitional" in connection with older antiques or older classics. Perhaps the best known were the Military & Police .38 revolvers made after World War Two that had pre-war long-actions rather then the post-war short-action that is still used today. They were made until the necessary parts that were left after the war were used up. They have some extra value because some people (including the Old Fuff) prefer the older action and other features that became lost during later cost-cutting changes.
For the most part, these so-called transitional models don't command any extra value, unless the feature(s) in question were especially popular.
In this case I'd say the ony thing the buyer got of interest was the recessed heads style cylinder, which some prefer but is of no practical value. The size of the trademark logo may someday increase the value a small amount, but I suspect that by that time the prsent owner will have passed away because of old age. For what he paid he could have probably bought a similar gun in the same condition that also had a pinned barrel, and it I suspect would have been a better investment.
Sellers delight in buyers that don't do their homework first...
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