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Need some help from the old Colt guys.

rusty

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Not old guys, but old Colts.

I had a family friend give me this old Colt. The story was that it belonged to her grandfather who was the former sheriff of Escambia Co Florida and that this was his service weapon.
This thing has certainly seen its better days after years, probably stuck in a shoe box in that Florida humidity. Lots of surface rust and some pitting.
Looking at the grips, it was carried a lot, and probably cleaned a lot while in service. I can find no dissernable marking on the gun save what is inside the frame at the cylinder.
No model, caliber or anything resembling such.
What I believe it to be is a Police Positive and likely in 32 caliber based in the internal dimension of the cylinder ~. 355
So, can anyone identify this based on the pics below, and also give an approximate value?
 

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The left side of the barrel is marked. The markings are faint because of the rust but they're there. Should be the model name and the caliber.
Look close, maybe with a magnifying glass.
 
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