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I don't know what it is worth but I would like to guess around $800. Lets see how close I got when the pro's chime in.
 

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If that is a "C" beginning the SN, I'm pretty sure the frame is commercial Colt. If that is the case, you have a gun that was assembled from parts.
 

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I believe Bill is quite right. Commercial colt.
Now if you had the C prefix on a 1914 Colt your value would triple.S/N C5400 to C16599
 

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If that is a "C" beginning the SN, I'm pretty sure the frame is commercial Colt. If that is the case, you have a gun that was assembled from parts.
I think you are right...There was a time when it was traditional for the men of a unit to "chip" in for a presentation pistol for a popular officer when he left the unit. Frequently they would buy a commercial frame (the only controlled item) and use parts from the arms room supply for the rest of the weapon. Bit unusual to see one for a 1st Lt, especially for a unit adjutant...bet there is a great story behind that weapon.
 
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