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It appears to have all the original parts, although you'll need to check regarding the barrel. It should have an intertwined HP on top of the chamber hood, visible through the ejection port. The finish also appears to have been removed via a Scotch-Brite pad or sandpaper. To prevent rusting you'll need to have it reblued, after which it'll simply be a refinished shooter's-grade pistol. Value in that condition would be roughly $500-$600.

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D. Kamm
USGI M1911/M1911A1 Pistols Website
http://www.geocities.com/M1911_M1911A1
 
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