The fact that it is the first Pigeon Grade Smith produced means nothing if the condition is poor. The vast majority of us L.C. Smith collectors value a gun the same as any other collector would.
Everything is first based on the original condition. If the gun in question had some historical provenance it could add to the value previously determined.
Otherwise, it's just another Pigeon Grade Smith. The only way you could possibly fetch a few dollars more is if you find the right collector at the right time who "has" to have it to fill a hole in his collection.
