They are nice little small frame guns. If the "38" is 38 Spec. they are not +P compatible. Any refurbishment kills the collector's value on all but the most desirable of guns-and usually those too. The Police Positive was produced in pretty high numbers. I don't know about the 2nd Issue itself. The refurbishment being from Colt's themselves helps a bit, but its still been messed with.
Assuming no real rarity from the 2nd Issue part, I'm guessing $200-300 in today's market depending on how much you want it. You could EASILY get a model 10 Smith and Wesson for $100 more and probably much less than that-one that hadn't been messed with.
