1911 #156xxx Value?

I dropped by the LGS for a looksee, and hanging in the shadows I spied a 1911 with serial number 156xxx. It is in remarkably good shape, I'd say 90-95% on the bluing with a slight bit of wear at the muzzle edges and some thinning on the front grip strap. No pitting, corrosion or even red/plumb spots, very clean. Barrel is a vertical H P. I didn't do a detail check for other parts, may go back for a closer look depending on the following. Now the bad news - the grips have been changed, the hammer bobbed, and the mag catch screw is buggered to the max (may need a smith to replace it). So what might be a decent ballpark price for this assuming 1) other than the grips the parts are all correct and 2) some of the small parts are replacements (i.e., what's the ballpark value of the major parts)? Alternatively, 3) the going price for the correct replacement parts (grips, hammer and mag catch screw). Maybe $400 or so? Inquiring minds ... :rolleyes:

The problem is that the magazine catch lock just looks like a screw, so Bubba figures it must be a screw. The first ones had only a dimple, then the dimple with a slot, and finally just a slot. It is no biggie, but the grips and hammer will be to match the condition of the pistol. You could be looking at close to $500 for the grips and hammer that would match the pistol, so my opinion would be that if you decide to take a gamble on being able to restore it you shouldn't put any more than $1750 in it.

Thanks for your response, Johnny. I have to proffer up a "Duh, I forgot" addition, the trigger is a WWII replacement, so that would need replacement as well, so, what, another $100 or so? Given that if I were to take on the responsibility and monetary risk of correcting this pistol, I'd want it at a final cost to me of perhaps 30% under market price for the finished product. Further given that the asking price is currently $1800, it doesn't look like there's quite enough meat on the bone there for me to roll the dice. Too bad, the original, unbuggered parts are in such nice condition. Sigh. :(

An original finish 1911 trigger will not be an easy find either. If you are looking to restore it to sell, you may be a while doing that.

No, not looking to necessarily turn a quick profit, even as a keeper I wouldn't want to take the hassle and risk without doing significantly better than what I could just pay up front for an already correct example.