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I have researched this pistol extensively online and have come to the following conclusions.

This is a Savage 1907 pistol. It was manufactured in .32 ACP in 1912, features a rotary locking device and is the basic patented design that spawned the M-1907 .45 ACP US Army pistol. Online values put this pistol in the range of $125 to $500, depending on the condition.

update:

Savage made three automatic pistols in .32 caliber (the same three were also made in .380, but the production dates differ a bit), the model 1907, the "hammerless" model 1915, and the model 1917. All of these have "Nov 21 1905" (or some version of this date) stamped on the top of the slide. This is the date Elbert Searle was awarded a patent for his pistol design ("rotary locking device", etc), which is the basis for all the Savage automatic pistols. (Searle's design is also an influence on the French 9mm MAB PA-15 pistol, made in the 1960s-1980s.)

These pistols all have serial numbers just below the barrel at the front edge of the frame. Early model 1907s have the s/n on the bottom of the frame, while the rest have it on the front of the frame. Since Savage used only two s/n ranges for these pistols, one for the .32 pistols and another for the .380 pistols, the s/n will allow the model and version of your pistol, and their years of production, to be determined. By the usual count, Savage made 14 versions of the .32 model 1907, 1 version of the .32 model 1915, and 2 versions of the .32 model 1917. It also made six versions of the .380 model 1907, 1 of the .380 model 1915, and 2 of the .380 model 1917.

.32 model 1907, 1908-1920: approx s/n 1 - 229800

.32 model 1915, 1915-1916: approx s/n 13000 - 136500 (overlaps with model 1907)

.32 model 1917, 1920-1926: approx s/n 229800 - 259472 (replaces model 1907)

.380 model 1907, 1913-1920: approx s/n B2000 - 15748B

.380 model 1915, 1915-1917: approx s/n 10000B - 13900B (overlaps with model 1907)

.380 model 1917, 1920-1928: approx s/n 15749B - 29972B (replaces model 1907)

The value of these pistols depends on the model and version, and, of course, condition. In general, because so few were made (about 6500), the model 1915 is the most valuable .32 pistol. Currently (late 2009) prices for .32 model 1907s and 1917s run from about $150 (low end) up to $500 or more, depending on condition and completeness. Factory special versions (factory nickle, silver or gold plated, factory engraved, or with special features) bring a premium, as do pistols in especially good condition. Model 1915 pistols in .32 have been selling from about $400 - $1000, depending on condition, etc, with even higher prices for exceptional pistols. In general, the .380 pistols sell for a bit more than the same model and version in .32, in similar condition.

The rare .45 military Savage, a larger version of the model 1907/1915/1917, which never went into production but had a few hundred made for Army testing from 1906-1911 (in two versions -- the original model 1906/7 and improved model 1910), are somewhat more expensive when they occasionally become available. Plan on prices starting at $15,000 or more, and quickly rising.

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Q: What is the value or history behind a Savage Arms 32 cal semi auto pistol manufactured in Utica NY pat Nov 21 1905?
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