Hard to say after all these years if what you saw was a 1911, not a 1911A1, but it is not out of the realm of possibilities in 1971 to have a 60 year old firearm in an Army Reserve armory.
You can get a nice Ruger SR1911 New for under $700.
The item you have is good for a mantel display piece - worn,non original parts and questional safety. Value might be $500.
My 1911A1 Series 80 Colt is about 8 years old. I absolutely do not remember the manufacturer of the 1911 I used in the Army in the late 60’s. No doubt many years, maybe even decades newer than your low SN# gun.
In reality, very little.
the 86th 1911 pistol in used condition could bring upwards of 30K, but not one used and abused in the military for decades.
Old doesn’t always mean valuable.
I do not recall seeing any low digit serial numbered Colt 1911’s with zero’s in front of them. I wonder if it was a rework of some type? IMHO the serial numbering went right along from a 1911 model into the 1911A1 model.
Sounds like it was beat up some...
Time to relegate it to a “hanging piece” (cleaned and on you wall.)
I never could hit anything with one of these...
Probably not worth all that much if it’s a mixed-parts gun.
Dont be so quick to dismiss its potential value. The frame and slide are the most important parts and it if they are very early they could be worth thousands to a collector.
I would guess $1500 to $2000. M1911 prices are crazy. I saw one website that claimed the cost of M1911A1s in WWII was $15.
Check your freepmail sir
All 1911s and 1927A1s are well made but those early ones before WWI were works of art.
In the movie “The Sand Pebbles” the Captain gets his 1911 out to commit suicide but ends up using it in combat. Even in the movie you can see how pretty it is.
In the same was, some Browning Hi-Powers are nicer than others but none of them are bad, even the Hungarian copies.
SO...
You Do Not Have the gun...
You have no idea where the gun Is...
And you’re obsessed with the number 86.
I think I can help...
Sometimes an old gun is just an old gun.
Is it still US Army property?