The automatic is a Colt Model 1903 in .38 ACP.  
NOTE: This IS NOT THE .38 SUPER.  Tell them DO NOT fire ANY .38 Super ammo in the pistol even though it will chamber.  This gun was built for the much less powerful .38 ACP.  .38 Super is a probable KA-BOOM.

Number 46xxx was made in 1926 or 1927.  1926 started at 46,000.  1927 started at 46,500. 1928 started at 47,000
It was produced from 1903 to 1929.
Value is based on it being in all original configuration (grips, finish, etc) and on the percentage amount of original factory finish.
Values are ball park with todays prices possibly being higher due to the market.  These are a general idea.
60%--$750
70%--$900
80%--$1,250
90%--$2,000
95%--$2.750
98%--$4,000
100%--$5,000

The revolver is a Colt New Army Model.
In 1889 Colt Firearms invented the modern double action, swing-out cylinder revolver.  The first gun was the New Navy of 1889.
In 1892 the Army bought it and it was usually referred to as the New Army & Navy.
Colt put the model through a rapid series of improvements in 1889, 1892, 1894, 1895, 1896, 1901, and 1903.
Production ended in 1907.

These were made as both US military and commercial revolvers.
The military models were marked on the butt with US stamps, and the serial number in two lines.
It's not unusual to see the military model with the US stamps and serial number ground off, making it illegal to own under Federal law.
Commercial models had the serial number only also in two lines on the butt.
The other numbers stamped on the gun are factory assembly stamps, used to keep fitted parts together during manufacture, before a serial number was stamped.
The assembly numbers should all match or parts have been replaced.
The US inspectors stamp is on the left side of the frame just above the cylinder latch of military models.

The military models had 6 inch barrels and were chambered in the black powder era .38 Long Colt cartridge.
NOTE: This IS NOT the .38 Special, even though .38 Special ammo will chamber.  These guns should not be fired with ANY standard load .38 Special.  You can still buy .38 Long Colt ammo and brass from the cowboy ammo makers, and you can load VERY light hand loads in .38 Special brass.
Note that the .38 Long Colt bullet is larger in diameter then .38 Special so accuracy will be poor with .38 Special bullets.
It was the Colt New Army in .38 Long Colt that failed in the Moro War in the Philippines and led to the development of the .45 Automatic.
The finish was bright blue with heat blued hammer and trigger, and smooth oil finished walnut grips.

The commercial models were available in .38 Long Colt, .41 Colt, and very late in production after 1900 in .32-20 and .38 Special.
The finishes were bright blue and bright nickel, and with black hard rubber grips with molded in checkering and Colt logos.

Colt New Army number 158xxx was made in 1901.  This would make it a Model 1896 version.
NOTE: Warn the owners that these old Colt's have very complex, rather weak actions and get out of order or break fairly easily.  
TREAT IT GENTLY.  There are almost no replacement parts available and virtually no gunsmith will even look at one.  Break it and it's toast.
These are best as very historic wall hangers.

Values on these have to be in pretty good condition for higher values.  Again the gun must be in factory original cofiguration and factory original finish.
10%--$175
20%--$200
30%--$225
40%--$250
50%--$275
60%--$300
70%--$400
80%--$500
90%--$700
95%--$1,150
98%--$1,650
100%--$1,900

Forgot to add.

The revolver appears to have been re-blued.
Colt used a brilliant mirror polish heat blue on the hammer and trigger, and left the sides of the hammer polished "in the white".
Blued hammer sides are a pretty certain sign of a refinish.