http://www.colt.com/CustomerServices...berLookup.aspx
Insert serial number
For a more definitive history, you can write colt and they will provide more information about it's history.
Those dates are Pat numbers and do not correlate to the manufacture of the gun...but that IS an original 1911...the roll marks, lack of frame cuts for fingers, trigger and main spring housing make it completely original... according to colt, the manufacture date is 1918 so likely it was new and issued to him right out of the factory...which is also period accurate given the demand on production at the time.
That particular gun in that condition would retail from between 2-2500...possibly more considering the family story...and I would suggest contacting colt to authenticate my feelings on the gun. Collectors will fly a little higher when the gun has that kind of history.
Do NOT refinish it...NEVER refinish that gun...it will diminish the value tremendously. Also...I wouldn't recommend shooting it...it's a collector in this stage of it's life.
The two mags on the left are period from the issue date...the ones on the right likely are not...BUT are definitely old...if they are all colt marked...then they are worth good money too with the gun...possibly increasing the value further.
Mitsubishis and guns...two things I know enough about to keep me single