Re: Colt .45 SAA Value
I am not an attorney, and this is not legal advice. The problem is that the way the law is written there is some doubt whether antique guns are covered in the ban on serial number removal or alteration. The old type frame would indicate manufacture before 1 January 1899, which means the gun is an antique. (Wilson says the change was made in 1892.)
So, I am not sure that the missing serial number is a problem in the legal sense. But it and the heavy buffing and grinding are certainly problems value-wise. The gun essentially has no original finish and very little value. And it would be hard to sell with the serial number missing no matter what the law says.
It might be a parts gun but that would mean little; what with Colt still making them, and repros by the thousands, Colt SAA parts are common and cheap.
Insurance should not be a problem. Guns are normally covered under the personal property section of homeowners insurance, and that gun is not valuable enough to need a rider just for it.