The Old Fuff has refrained from jumping into this one because the lack of definitive background information and photographs were lacking. In the meantime he has noticed a lot of wild speculation and occasionally some gross errors of fact.
This very interesting revolver is a Smith & Wesson model 1905 Hand Ejector; 1st or 2nd change. The difference between them is a second dowel pin in the cylinder to guide and support the extractor star. The 1st change had one, and the 2nd change had two. The 1905 H.E. was also known as the “Military & Police†model, and were more often referred to by that name then the 1905 designation. The “38 S&W Special CTG and U.S. Service CTG†barrel marking was used as late as 1910, and perhaps longer.
Both of these “changes†were made in a time frame of 1906 through 1909, within a serial number range running from 73251 through 146899. Obviously the “oral history†isn’t too far off.
The walnut grips do not have trademark medallions, and are of a pattern used on this model revolver between approximately 1903 through 1910. (Take good care of them, replacements are almost impossible to find).
I would estimate that the gun was made during 1906 or ’07, but as FPrice has noted the only way to confirm this is through a letter from S&W factory historian, Roy Jinks. The charge for such a letter is $30.00 and considering the amount of research involved is very reasonable.
The belt and holster rig are not contemporary to the gun. They were made by the Hunter Company which is now located in Westminster, CO. sometime from the 1950’s onward to the present. For those that worry about such things, most holsters made during the early 1900’s did cover the trigger guard.