First off the biggest mistake everyone makes is trying to "Clean-up" what could be a collectible and devaluing it quite a bit......So do a little research like the "Blue Book" to find out what it's worth.

After determining value and you still want to clean it up :

If it's blued I'd suggest some fine Steel Wool and a good oil, Lightly rub the rusted or pitted areas to remove light surface rust.....Small pits that turn shiny can be touched up with a bluing pen - Just follow directions and blend the areas with steel wool and oil after touch up......Work at it a little and you could get that old piece looking pretty good !!!

Careful with the rust removal procedure, Jinxed! Almost all gun collectors I know value the weathered appearance (or patina) when it comes to the worth of older weapons like yours. It might be some $$$ out of pocket, but I'd suggest taking your sidearm to a pro and letting them do it.

I've got a friend down here who restores firearms like that and he told me "For God's sake, tell him NOT to take a Dremel or a wire brush to it!!" If you're interested, it's my old buddy Mitch at his Gun Shop in Hamilton MS. This man is an encyclopedia of information when it comes to subjects of this nature. He has a website:

http://mitchsgunshop.com/

Give it a stab, I highly recommend this man's work. He's one of (I daresay, THE) best in the Mid-South and South.

If it's already rusted, it's lost some of its value. Fox's advice is good, but so is c_jackson's.

What does the inside of the barrel look like?

In the end, if it were me, I'd have to consult a gunsmith like c_j recommended because I do not have the gunsmithing knowledge that Foxtrot has.

Sorry, I'm no expert in all the S&W variants......Sometimes you can call S&W with that ser# and they can tell you more about it - Sometimes not if it's REALLY old....I have and old alloy J-Frame I called them on - But evidently their records didn't go back far enough(???) LOL.

Yours looks pretty much like a S&W Pre-Model 10 or M&P, They've been around since just before the turn of the century.....They were offered in several calibers like .32 Long, .38 S&W, and some of the "Cowboy Calibers"

As for cleaning it up Oil and Steel Wool works wonders without harming the finish.....It was a trick I got from a collector and I've done numerous times....Just lightly rub without going overboard.

Little more poking around leads me to believe you have a Smith & Wesson "Hand Ejector", could be a 1st or up to a 3rd model........They started making these things around 1896 and it was a very popular model/cartridge with most Police Departments, They say it was a very accurate cartridge.

The one I saw has "Smith & Wesson" on the left side of barrel, and ".32 Long CTG" on the Right...., Has a serial # on the Butt.....When you open the cylinder under the crane area what is there may actually be an old model #, It won't look like any numbers we have today like 10-2 etc., I'd bet being it's probably "Pre model 10" era that's your model number.......The one I was looking at was a "3rd Model" with "4 Screws" on the right side of frame......Sometimes they are referred to as being 3 screw, 4 screw, 5 screw and helps to identify which model it is(1st, 2nd, 3rd).......Does yours have black S&W grips ??? could help tell how old it is.

Well the one I saw was selling for $430 in 95% condition - Not exactly a Barn Burner......Start Googling a little with the info I provided and you may find out exactly what it is.......There's a few S&W Forums out there with data bases of Model/Serial #'s.

In the case of my old Airweight model 38 Bodyguard......It has all the characteristics of being one of the first models made in the 50's.......Very small/handy/light, It's a 38 SPL but not meant to handle Plus "P" loads.......Paid like $200 for it years ago and it's a carry piece - Not a "Safe Queen".

What little I saw about them is they made quite a few variations and they were in production for a good 50 - 60 years with breaks during periods of war.....They call then "Pre" and "Post" war models but which of the 2 wars is a mystery to me(LOL).....Evdently they started making them in1896, then on/off until around 1960, They really didn't go by model #'s like today, They just called them "Hand Ejector", And that model # under cylinder crane that may be 4-6 digits, Serial # is on the Butt.

Another thing I read was these are considered an "I" Frame, Not J or K - And should all be a "Round Butt".......There is also mention of some coming with oversized grips to give it the look/feel of a "Square Butt" like a K-Frame.....In that case that's why you didn't see the serial unless you remove the grips.

Another tid bit is that "Knob" on the end of the ejector rod.....Evidently early and Pre-War versions had it, And later production models have what looks like a standard ejector rod.

Need to let granny have you hold it a few days to clean it up and sort thru all it's clues.......S&W seems to be one of the more challenging revolvers to identify with so many of them out there.

That's what makes it fun :-)