Breaktop, right?
The serial number would put it in the first year or two of production.
4" barrel is uncommon.
Value drops off VERY quickly when you get below new in box.
One in very good condition would probably bring between $500 and $1000.
And no, I would not shoot it with smokeless powder, black powder only.
These early frames were not steel, they were ductile iron and are not known for their great strength.