I stopped by the local Gander Moutnain today, and had a chance to meet with the gunsmith for the store. Nice guy who asked if I was into old guns. Thinking Remington .36cal Navy I was starting to beg off when he said 1902 Colt, precursor to the 1911. Out it comes.
.38 ACP 1902 Military with 90% finish. Looks like this only in
much better condition:

Had the lanyard swivel (the photo only shows a rivet or something in its place), long damn slide, original grips, one magazine. From the s/n, probably a late model, ca. 1925+/-
The kicker: they guy selling it said he would be happy if he could get $850 for it. The store has it for sale for $1500. Fjestad's Blue Book last year says this gun in 90% is worth $2500. Online collector sites are saying now $3500. Pricing is for the gun by model, not by s/n like most of the others in Fjestadt's book.
Interesting detour for the day, made the drizzling rain/snow more tolerable. Very unexpected.
PM me for the store info if you have $1500 you want to unload.