The so-called "black army" finish didn't begin appearing until around S/N #320,000. Your pistol simply has most of the original brushed blue finish worn off. If the barrel is correct with P and H letters on top and the bore is decent then it may still be worth close to what surjimmy suggested.
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Try not to fall into the common trap of wanting to replace everything on your new 1911 just to make it "better". Know what you're changing out, and why. You may spend a lot of money fixing things that weren't broken to begin with. Shoot it for at least 500 rounds, then decide what you don't like and want improved. Vintage 1911's should NEVER be refinished or modified because it ruins any value they had as a collectible firearm.
1918 Colt
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