I assume it is a Colt New Police. Those guns were made in .32 Colt (no longer available) and .32 Colt New Police (same as .32 S&W). In very good (90-95% original finish) they are worth that price, at least by the books. But there is not a screaming demand and it might be possible to get a better deal.
You say the finish looks like a tank (salt) blue; it should be a mirror-like black finish which can sort of seem like tank blue, but looks quite different to those who know what the old Colts looked like.
Jim
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