Man are you LUCKY. You now own the finest double action production revolver ever made. The Python is rightly seen as the "Cadillac" of revolvers.
In 1955, Colt's top salesman was convinced that Colt needed to produce a "super target revolver", finer than any revolver ever made. The original gun was to be chambered in .38 Special, but since the .357 Magnum was gettting very popular, it was made in that caliber. Since the .38 Special can also be fired in the Magnum, it was felt this would be a more popular gun.
Over the years Colt has offered the Python in Royal Blue, nickel, Electroless nickel/"Colt guard", matt stainless steel, and the "Ultimate" polished stainless finishes.
Barrel lengths offered were the standards of 2 1/2", 4" 6" and 8". Some limited production was in 3", commonly known as "The California Combat".
Standard calibers were .357 Magnum, and some .38 Special 8" barreled target models. Colt has experimented with other calibers such as .22LR, .41 Magnum and others, but no guns were ever sold by Colt in other caliber than the .357 and .38.
The Python is world famous as probably the most consistantly accurate revolver. This is due to the high quality of the barrel, with a special rifling rate, and a tapered bore, that's tighter at the muzzle. Each Python barrel was treated to the mysterious Colt "silver ball" process, in which a silver ball of secret material, was pressed down the bore, leaving it with a mirrior finish.
Another reason for the high accuracy is the revolver's action. The Colt action causes the cylinder to lock immoveably before the gun fires, and this insures perfect alignment of the chamber with the barrel.
The Colt action was first developed in the 1890's, and the Python is a sligthly modified version of this. The action is sometimes faulted as being too weak and prone to getting out of adjustment.
Although there is some truth to this, the usual cause of problems is in abusing the gun by doing very rapid, hard double action shooting, violently cocking the hammer, or slamming the cylinder shut, "Humphrey Bogart" style. By not abusing the gun you can expect it to stay in correct adjustment.
The Python is, and always was the most expensive revolve, dur to the amount of hand fitting and polishing lavished on them. The older Colt action requires hand fitting, and the Python received extensive hand fitting and polishing.
The Python external finish was completely hand polished by Colt's most experienced craftsman, and this accounts for the beautiful finishes they have.
Should you need to have the gun cleaned internally, or need any repair in the future, the gun should only be trusted to Colt, or a gunsmith that specialises in the Python guns. The actions are complex, and very few modern gunsmiths are qualified to work on them. Many will say they are, but aren't, and your gun is irreplaceable.
For shooting, you can use any good quality, name brand ammo in .38 Special or .357 Magnum. If you shoot .38 Special's or any lead bullets, you will need to insure the cylinder is properly cleaned, since the shorter .38 ammo can foul the cylinder to the extent that the longer Magnum ammo may not chamber properly. This does not, in any way damage the gun, but needs proper cleaning.
If you choose to shoot any lead bulleted ammo, invest in a Lewis Lead Remover kit, to clean the lead out of the cylinder and bore without damaging it.
To make the gun last, use only good quality ammo, holsters, cleaning materials, and other items. Using cheap products of unknown quality is "penny wise, dollar foolish". The Python is VERY expensive, and this is like using dime store oil in a Rolls Royce.
All in all, you have a genuine legend of a gun, and one that will appreciate in value. Enjoy it, you own the BEST.