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I don't remember 70's having such a low ejection port?
I had my Colt Mark lV Officers 80 series lowered and flared because it jammed up the spent casings.
Fixed that right up.
If you bought it at a store, I think that's a very fair price. Private party sale, that "may" be a little high, but that all depends on what you value in your old Colt.
If you want one to collect, use this one to trade up. The blueing loss really hurts and I believe the ambi safety is an aftermarket add on. And what about those sights?
If you want a shooter, you're set, especially if you shoot left handed. I would check the barrel bushing for cracks if it's a collet type, but wouldn't bother to change it without reason.
I think you should shoot it, and shoot it alot.
So it has a solid bushing not a collet just checkedDoes this have a collet barrel bushing, or a standard solid type?
A very good advise, and I suggest shock buffers if you are planning to use hot rounds for self defense. Spring replacement is very essential to maintain 1911 for a long term use. You already paid for it. No worry about the value unless you are planning to sell it now. Just enjoy it and have a fun life with it... Stock recoil spring is 16lb, I personally like a 17 lb because my handloads run a little warm, @900fps w/230gr. YMMV. Brownells or Midway carry a variety of recoil etc springs. Good luck, enjoy!