Michael, Terry,
The S&W fanatics think any inscription not done at the factory and documented in the "letter" greatly diminishes the value of the revolver! I'm sure you fellows feel quite differently!
A K-32 wouldn't mean anything to me except trading stock, Very Good Trading Stock!
Thanks JD, it shoots good too!
At one time the Colts were of great interest to me, but... I've only a few left and have found myself selling to acquire Smiths. Either in .22 could be greatly entertaining.
New Service .45 Colt and S&W 2cd .44HE

I anyone really interested in S&W the Standard Catalog of S&W is a complicated, but VERY informative book, necessary even! I bought the OP Neal and Jinks S&W book for $325 about 20+ years ago (K-32 price), but use the SCSW now.
Vic, serial numbers on early guns are on the butt, bottom of barrel, ejector star, under rear sight, back of cylinder under star... inside crane has assembly numbers, later put model number there M-17-3, etc.
Your correct on #71xx being 1947 (about) only a letter confirms.