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Smith & Wesson introduced the Model 686 in 1980. It is the stainless steel version of the 586, which was a blued steel finish. It was chambered for .357 Magnum and .38 S&W Special +P calibers. They are available ported and unported with a choice of 6 or 7 round cylinders.
I can't tell by the photo if it's a five shot or a six shot. Six shot Airweights are relatively rare and are worth more. (I gave my son one, you should have seen him smile!)
As Andrew said, more info is needed to identify your gun. Inside the crane at the hinge is a number that will identify the model number. This plus the serial number can get you a letter with the date of manufacture from Smith & Wesson. I don't think they charge for this. For a fee they will send you a sort of "Birth" certificate with a lot more info, but it only makes sense to get one for a valuable collectible.
As to value, check for similar guns sold on sites such as Gunbroker.com and GunsAmerica.com. Ignore what people are asking for their guns. Check for completed auctions and sales.
As in anything similar, condition is paramount. Your gun photographs well, but it's difficult to see if it has wear, and of course, the gun would need to be personally inspected by a knowledgeable person for mechanical defects and bore condition.
I own a 38 cal.smith and wesson handgun that has been passed down through the family..im told its very rare a 5 shot 38 cal handgun..would like to know how rare it is ..if its possible. .I can be reached on fb John Paul Maranto..I know its very old AND RARE..thank you JPJ
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