Quoted:
i did a quick google search, and i found the series 80 introduced a firing pin safety. if i was going to buy it under the assumption that it is a series 70, id ask the gun shop owner to remove the slide so i could inspect it. if i find a firing pin safety on the bottom, id pass. if you want a pretty series 80 go for it. i personally wouldnt buy such a pretty and potentially collectible gun, because i wouldnt want to shoot it or carry it and cause holster wear.
eta if it has no firing pin safety and is marked series 80, maybe some colt collectors would want the transition model and pay a premium for it.
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Tooo much hoopla over a firing pin safety. And that gun is a shooter, nothing special in my book. Haggle the price down as far as you can without getting thrown out the door and head for the range!
If it had all the original paperwork, a pristine box, NO scratches and never had the slide worked or hammer dropped... maybe collectible depending on serial number range.
For the $1K, you can get one of the newest reproduction Series 70's NIB.
You may want to log into one of the Colt 1911 forums and ask about 'transition' models.... those truly in the know would be able to give you a finer experienced opinion about its 'potential collectability'.
For the money being asked, I'd be looking at one of the WWI/WWII reproduction series 70's... and I'd still shoot it FTW, that's what they're made for, shooting.