Here's a picture of a family heirloom, a Colt Army Special .32-20, 1927:
From what I understand, this would have been the model following the Colt New Army/Navy, shown elsewhere in Mazo's thread. The "Army Special" was never adopted by the Army, that was an advertising ploy. I think this led next to the Official Police model.
The bore is VG, timing and lockup excellent. The pony stamp is distinct, so I believe this is the original bluing. Five inch barrel, walnut grips and medallion.
I have fired this with Winchester White Box .32-20 ammo, I found the recoil very pleasant. I read it's supposed to be somewhere between a .38 and .357. Maybe.
Production of the Army Special started in 1908. The grips went from black Gutta Percha to walnut in 1924. According to proofhouse.com/colt/, the serial number on this one indicates 1927, the last year of production. Makes sense, this was owned by my Grandfather who was Chief of Police in Hawthorne, CA, in the 1930's:
Himself
When my Grandfather owned the pistol, he carved his initials on the inside of the grips. When my Father inherited it, he did the same. And when my Father gave it to me, I did the same. So that's why I call it a family heirloom