Howdy
I agree, it is a 32 Regulation Police, not a 32 Hand Ejector 3rd Model.
The grip style gives it away. Look at the bottom of the grip in the OP's photos.
This model is one of several that had an unusual grip design. The wooden grips were inletted to completely surround the bottom of the grip.
Like this:
Turn it over and you will see that Smith and Wesson patented this grip design in 1917.
The great majority of S&W revolvers had the Serial Number stamped on the bottom of the grip frame. Because the bottom of the grip frame of this model was covered by the grips, it had the Serial Number stamped on the front of the grip frame.
As has been stated, this model was built on the I frame, which was the forerunner of the modern J frame. Originally designed for the 32 S&W Long cartridge, the frame was not as large as a K frame 38 Military and Police. So the extended grip was designed to give the shooter a better hold on the relatively small grip of an I frame revolver.
Serial Numbers for this model ran concurrent with Serial Numbers for the 32 Hand Ejector 3rd Model, which can sometimes lead to confusion. This one fits into the Pre-War 32 Regulation Police serial number range, of about 120,000 to about 536,000. Produced from 1917 until 1942.
Because this model was made for such a long time, it is difficult to pin down exactly when it left the factory without a factory letter from Smith and Wesson.
For what it's worth, I have two of them. One has a Serial Number of 3712XX, which shipped in 1925, the other has a SN of 4083XX and it shipped in 1924. Yes, that's right, S&W did not always ship their revolvers by Serial Numbers. For various reasons sometimes a later SN shipped before an earlier SN. That should give some idea of when the SN 394331 shipped.
This is my pair of 32 Regulation Police revolvers.
Sorry, I do not see a record of exactly how much I paid for my 32 Regulation Police revolvers. This model is not all that rare, otherwise I would not have two of them. I probably only paid around $400 - $500 for them a few years ago.
Smith and Wesson made a 38 Regulation Police on the same frame with the same grip style. Chambered for 38 S&W, not the longer 38 Special. This revolver did not have a large enough cylinder to be a six shooter, the 38 Regulation Police was a five shot revolver. In this photo the 38 Regulation Police is at the top and a 32 Regulation Police is at the bottom. Notice the 38 has larger cylinder flutes than the 32, and notice the 'middle' flute is off center in the frame window, a dead give away that it is a five shooter. By the way, I see my 32 Regulation Police revolvers are marked 32 LONG CTG, not 32 S&W LONG CTG the way Smith and Wesson usually marked the chambering of a 32 S&W Long revolver. Probably what made the OP think his revolver was chambered for 32 Long Colt. CTG simply stands for Cartridge. A lot of folks not familiar with S&W marking conventions think that refers to a model, not the cartridge the revolve was chambered for.
This photo shows how much small the I frame 32 Regulation Police revolver was than a typical K frame S&W revolver. The K frame at the top of this photo happens to be a 32-20 Hand Ejector, but it is the same size as any K frame 38.
As to where this model was made, ever since 1857 Smith and Wesson has been in Springfield Massachusetts.