I'll try to offer some information although I am not an expert by any means. There were three K-Model revolvers produced when Revolver competition matches were popular. The K-22 was a K frame chambered for the .22LR, the K-32 was the same but was chambered for the .32 S&W Long Cartridge and the last was the K-38 chambered for the .38 Special. All were produced so as to be the same weight loaded and all had the 6" barrel. (Also produced with 4" barrels but had "Combat" in their names) These early revolvers were the cream of the crop in their day and they still aren't bad as they are usually more accurate than their operator. The condition you mention usually indicates a shooter as opposed to a collector grade but most ugly revolvers are still very nice internally after a good cleaning. If this is mechanically sound it will provide many enjoyable trips to the range or your favorite place to shoot. It will be a more economical to shoot if you are able to re-load also. Hope this get you started.

The K-38 is indeed an outstanding shooting gun and well worth owning. Smith and Wesson called them Target Masterpiece while the Officers Match was actually produced by the Colt company. I do not know what prices are where you are but here one in 80% will bring between $400.00 and $500.00. And .22M.R.f is correct. There where 2 K-38's one Target Masterpiece the other was the Combat Masterpiece. There are differences between them but both are outstanding guns and well worth owning.