Welcome to the forum.
You have, obviously, an H&R PREMIER 2nd Model 3rd Varition (from the roll stamp on the barrel rib) which was made between 1909-13. It is capable of handling modern factory loaded .32 S&W (the shorter one) smokeless/Nitro powder loads - IF - in safe condtion to shoot. Standard issue was 3" barrel on a Nickel plated frame. Blued frame was also made, and barrel length ranged from 2" (BICYCLE model), 4, 5 and 6".
There is a bit of discrepancy with the serial number you posted. By the time this piece was made, the serial number range was in the 150,000 plus range. To see the "real" serial number, you'll need to remove the cylinder and look at the bottom of the top strap - the full serial number will be there.
It appears that the PREMIER was a fairly popular type - serial numbers run up to at least 570,000 and probably into the 600,000s (having started in their own range at 01 or so).
As an heirloom piece - the value is inestimable. But in the real RETAIL world - depending upon finish condition and mechanical condition - the "standard" pieces sell between $90 to slightly over $250+ in excellent in the box condition. Blue finish and non-standard barrel lengths add more value.
pics follow of non-standard 3rd Variation pieces: