Well you opened a can of worms on what can be a confusing topic …
Beginning with the Single Action Army and Bisley models Colt began making target models with rear sights mounted in special frames with thick, flat topstraps. While these guns were different then the regular ones they were never-the-less serial numbered with the others.
The first Officers Model “TARGET†was introduced in 1904 and among other things had an adjustable (for windage) rear sight. This sight was moved with a screw and not a hammer. The frame was based on the then-current model 1892 D.A. 38 and the target models were included in the regular serial number range for the 1892 model. They are easily identified because the cylinder rotates counter-clockwise and the sideplate is on the right side.
In all, there were three variants or “series of the Officers Model TARGET
1st. Issue: 1904-1908
2nd. Issue: 1908-1926
3rd. Issue: 1927-1949
In 1930 they started serial numbering the Officers Model TARGET in its own series starting with No. 1. and ending around 88,843 in 1969. Prior to this, between 1908 to 1930 they were numbered in a range running from 291,000 through 543,000 (These numbers are higher because they started in 1892).
Now I have to stick my neck out a bit because I can’t personally examine your gun, but I believe it is serial numbered in the 1930 to 1949 range. If this is the case then it was manufactured before 1948 but after World War Two. The records I have available don’t key the exact year better then that.
The “Heavy Barrel†option was offered after the “Shooting Master†New Service variant was introduced about 1930 or so. This supports my contention that it was made during the latter 1940’s. However all of the Officers Model Target revolvers made between 1904 to 1949 are “supposed†to have rear sights that are screw-adjusted, and in particular all those made after 1930 should have it for sure.
The matter is further complicated by the fact that the model is marked on the barrel, but not the frame. Consequently if a Officers Model “heavy barrel†was mounted on another frame, say an Army Special or Official Police, someone might mistake the gun to be an Officers Model. However the serial number would be way too high for a true Officer’s Model/Heavy Barrel.
In 1949 Colt introduced a new model, called the Officers Model MATCH, that had a fully-adjustable rear sight with the front (non-adjustable) blade mounted on a high ramp.
As for the Colt "pony" logo. It may be that the frame was never stamped, or it might be because of a refinish. Without examining the gun I can't say.
Your gun correctly meets the description for an early post-war Officer’s Model Target except for the rear sight. On that point I don’t know what too say, but I wonder if it isn’t an after-market replacement.
If it was what I think it is, and “if†it had the correct rear sight, I would value it at around $450 to $500 – but you’d have to find an interested buyer, we now live in an era of automatic pistols. The heavy barrel helps, the plastic “ivory†grips don’t. The valuation presumes that the piece still has it's original finish.
