That pieces looks to be a very early example of the Model 1908. The Model 1908 went into production in late 1908 or 1909 - with that serial number (since the model was serialed in its own consecutive range) it is more than likely made within the first couple months of production - no later than very early in 1909. It is in very nearly "relic" condition - so, has no value as a collectible. Even in high condition, Very Good to Excellent, these guns top out at around 140 to 150 bucks. Most seen are 12 ga CHOKE with 20 and 28 ga following in lesser numbers, so 16 is a bit scarce and a 24 ga piece will bring a collectible premium. The model was offered with auto ejecting or extracting feature - yours looks to be the extractor version. My impression of the value - $25 - $35, as is. The 1st Variation of the 1909 was chambered for 2 1/2" shells, through out the gauges - so you, if you intend to shoot it, should have a gunsmith check the chamber depth for correct shell length.
One VERY COMMON problem with this model from that era is the wearing of the barrel lug and latch - they're not self adjusting. If the lock-up is loose - the gun may open upon firing. Check it out. It should be capable, if safe to fire, of handling low pressure modern loads - velocity of less than 1225 fps, 1 oz or less payload of bird shot. I personally, wouldn't stress it with more vigorous loads - maybe topping out with a mild #4 buck load. AGAIN, it may be chambered for 2 1/2" shells unless modified. Be careful.
(thanks for the assist from StoneChimney)