As I'm new to the forum, I haven't figured out how to post pics yet. Can someone host? If so, I'll email them.
The grips are smooth, appear to be the original (walnut?). The finish is very, how do you say, salty. There is light/medium freckling on most of the gun, although it appears to be original, i.e. no rebluing or parkerized. Definitely not the type of condition that you'd be afraid to shoot. Rifling in the barrel is visible and appears to be in good shape. It does have the lanyard ring on the bottom and all the appropriate markings, U.S. Property etc.
According to what I read, Colt and S&W each made 150k of these? Then, they released civilian models that bear close resemblance to the military ones.
The letter from Colt would be $100. I've been told it adds value to the firearm and I'm very curious about who first purchased it, although I'm fearful it would read something like 'XYZ Distributors' or something generic like that.