tromba: I believe that fine old Colt Police Positive .38 New Police may be chambered for the.38 Colt New Police cartridge, also known as the .38 Smith & Wesson, a much less powerful round than the .38 Special. If that Colt is in the condition you describe, its value to a collector may far exceed its value as a defensive carry weapon. If that revolver were mine, I wouldn't shoot until I'd gotten the opinions of a qualified gunsmith, not just a parts-changer. Most gunsmiths who understand those older Colt double-actions have either retired or died. Then I'd do some research and find a knowledgeable and honest Colt collector to learn the full story about that revolver. The average Colt collector is a real enthusiast who has forgotten more aboutColts than most of us Smith& Wesson guys have ever known about Smith & Wesson products!