I was given this pistol today as a gift. The person had no use for the pistol. It just sat in the closet.  Its finish is worn but locks up tight and bore and cylinder are in great shape. Original grip but chipped at the bottom on both sides. Holster seems to really old also. Thinking of selling it does not fit my hand very good maybe the grips are the issue. I'm not sure. Anyone know the value of this type pistol?

$350.  Maybe $400 on a good day.  So far the Army Specials haven't attracted the frenzy other Colts do.  The chipped grip is common, modern replacements are available.

The predecessor of the Colt Official Police.   It never had anything to do with the Army, that was just a marketing gimmick.  Colt renamed it to focus on the police market, where the O.P. did quite well.  The Armys are fairly common and yours is about average condition.

Get some new grips, a Tyler T grip and put some wadcutters through that thing.  Double Action.  Thank me afterwards......  

I think you'd need a check up from the neck up to let it go.  But that's just me.  To each his own and not everybody gets all oogly over wheelguns.  However, if you've never spent much time behind one, this might be a good opportunity to at leas try it and see what you think.  

I have just recently acquired more wheelguns and starting shooting them a little more and all I can say is it just seems like it fits the bill for me.  So much to the point that I'm thinking about making my Model 19 my home defense gun, but it almost doesn't make good sense when there are better options available.  I do like having a longer pull for self defense scenarios.  But the capacity is what gives me pause.  But when I shot that Model 19 and was more accurate than I expected to be in double action, I was just in heaven.    That gun right there looks like it would balance so good and probably shoot just as well that you might want to think to give her a go.  

If you don't want it, let me know.  I have developed a thing for old Colts.

Check the value for yourself.  Gunbroker, register to see the selling price.  It is quite an item with that carved leather.  It exudes history and adventure.  Sierra Madre perhaps?