With the early "saw handle' grip, 7 shot rim fire and that serial number, it would be a 1st Variation (c. 1926-1928). There is, still, a bit of confusion with regard to serial number ranges of the earliest pieces - e.g. 2nd Variation was introduced sometime in 1928 in 9 shot rimfire (marked .22lr) and 7 shot .22WRF, but starting serial number is not well defined and there may be some overlap. Seven shot .22 rimfire will definitely be a 1st variation, however.
In the condition seen in that picture - I'm estimating your piece to be between 85 - 90%, with original but altered grip panels - RETAIL value runs, currently, in the $200 +/- $25 range.
If is were a .22 WRF chambering, you could add 50% of graded value. "Common knowledge" is that around 200 pieces were made in that WRF chambering.