Colt actually did two versions of the M1911 replica. The first was a limited production run of 4,000 pistols. Serial numbers ended in "WMK" (for William M. Keys, who was the president of Colt at the time). Colt had previously tried a WW2 replica that wasn't very accurate of a replica, and they only sold about 2,700 of them so they weren't expecting to sell a lot of the WW1 replicas. But ... they did a much better job this time, and the 4,000 pistols sold out very quickly.
Colt then said they would just continue the production, which resulted in a LOT of angry calls and letters to Colt, since they had sold them as a limited production run. So Colt shifted gears somewhat. The first 4,000 were sent off to Doug Turnbull for the final blueing. For the second round, Colt changed the serial number sequence, to differentiate between the first run and the subsequent run, and they moved the finishing to their own factory. The second series weren't as nicely finished as the first, and were intended to be copies of the late war "black Army" models. If I remember correctly, the 'WMK' was moved from the tail end of the serial number to the beginning. I don't recall if the numbers continued in sequence, or restarted at WMK0001.
The first run were Colt Model O1911, the second run was Colt Model O1918. I don't understand the serial number stamped on the box in the photos, because I've never seen one of the WW1 replicas with a serial number that included WW1 rather than WMK.
The replicas all had an MSRP of $999, and typically sold new for $1100 to $1500 ... then. I have no idea what an unfired example might be worth today, but I would like to get a better handle on the serial number discrepancy.
By the way, it should have two magazines. I thought both were wrapped in the same waxed paper the gun is wrapped in, but maybe one was in the pistol. And there should be a reprint of the original WW1 field manual for the M1911 pistol. The blue box should have a white outer box that will have a sticker on one end flap bearing the Colt model number and the serial number.
The first series was around 2005. I don't recall when the second series kicked off, but probably around 2006 or 2007. The second series continued up to the 100th anniversary of the adoption of the M1911, and I think Colt may have done an anniversary run of the replicas in 2011. (Possibly that's what the "WW1" serial number indicates?)
http://gunsgunsguns.net/colt-100th-anniversary-1911/