David, welcome to the forum!
1. You paid a good price, nickle guns go for less than many shooters, worth $400-$500, plus the holster $125-$175, tool another $50 maybe, magazines another $85 for one...
BUT, all depends on condition. a nickled gun can be "restored", but after restoration, maybe it is worth $700-$900, and the restore will cost $400, plus the de-plating costs around $100 with shipping (maybe more).
2. Yes, happened all the time, more likely it was nickled overseas to fit the two packs of cigs story, but I have heard this many times.
I think it is liable to be a police gun, do you have pictures? Lots of everything would be good.
Ed
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