If my old eyes are reading the serial number correctly, you have a Type III that was made in 1922.
History? Click on:
1903 Colt Model M
Approximate value: Between $500.00 and $1,000.00.
If the bore is excellent, and the small amount of holster wear I see in your pictures is all that's affecting the blued metal, the value is closer to $1,000.00 than it is to $500.00.
If I were buying it (which I won't, since I have no use for a .32 pistol) I'd offer you $650.00, expect to haggle, and probably finally pay you $750.00 for it.
Be aware that a gun shop will offer you only about half of its real value, since they have to make a profit when they sell it.