Woodsoup: Yep, it's a .32 Hand Ejector Model of 1903. You won't get to retire on it's sale, it's probably worth around $250-$300 in that condition, but it is yours. How many other people can say they have a 105 year old handgun?
Through various changes the I frame hand ejector became the modern Chief Special and all the variants of it that S&W now sell.
The new 632 carry Comp in .327 Federal on the J frame is pretty much the identical gun - small frame, 6 shot, .32 caliber, 3 inch barrel. The wheel has turned full circle.