I have 3 of these .32 RP models. The one from 1922 has the small S&W trade mark on the left side of the frame. It does not have the Made In USA on the right side. The most recent one is the 6" version, purchased a year ago for $390.
Folks - an update here, I went in earlier today and picked it up for $500. Very happy with the purchase, all checked out fine - stamp on stocks is there, all serial numbers were matching, no signs of tempering with it.Looks like Wiregrassguy gave you a good date. They started putting "Made in USA" on the right side in about 1922. Doesn't look like yours has it, so it's a pretty early gun. They were serialized with the HE 32 line, which are similar. Over time I was able to pick up a couple of boxes. They are interesting delicate and elegant little pistols.
The .38 RP had a different serial number series and only held 5 rounds. They're cool too and for some reason are valued less. Unlike the .32 RP, that actually have a "Regulation Police" imprint on the barrel. I have one of those too but can't seem to find a box for it.
Guy - I had mistaken the SN originally - the SN is not 327446 but 367446. Given the absence of the Made in USA stamp that started in 1922, I am assuming it is 1921 or early 1922 but if you could confirm for me, I would really appreciate it! I could not pin it as exact as you did in my SWSC#5...are you using a different source? (I am assuming so)...Yes, a 3-1/4" Reg Police. Guns with serials nearby were shipping in August 1920. I would rate it in VG condition. In the SCS&W, 5th Ed., VG is valued at $600. I tend to be a little liberal and others may rate it more critically. I will point out that the SCS&W lists 60% finish as VG for this era and this gun is above 90%, IMO.
S&W ordered stamping the one line Made in USA in May 1922. In the reference I use, some guns with serials before yours were shipping after May 1922 and some guns with serials after yours were shipping before then. It's the old "S&W did not ship in serial number order" axiom. Also, we know that implementation of stamping did not occur until some time after the order was issued. About all I can conclude is your gun was made in late 1921 or early 1922.the SN is not 327446 but 367446.