I wouldn't call myself an S&W purist but the model 53 was a hot item in 1960. The price may or may not be reasonable but probably isn't far off. This was on the cover of the 1959 or 1960 Gun Digest.
However, I thought the inserts were for .22 rimfire, not .22 magnum. In fact, it may have an extra cylinder for it. The .22 Jet or whatever it was called was one of a couple of new rounds introduced around then, the other being a Colt, .256 Magnum or something like that comes to mind but I'm not sure any guns were made for the latter. They were sort of like all the current small bore hotshots.
There was a .22 Magnum target sighted K-frame as well, I believe.
It is a rare gun in any case and I shall have to do research tonight.
Anyone here remember a 3" barrel .22 Magnum J-Frame with fixed sights?