My book tells me built in 1914 based on that S#. Commercial Model with Regular Finish roughly a total of 138,532 were made up until 1925 when A1 model started.
My opinion is free so take it for what it is worth. Clean the rust up yourself with a penny (piece of copper wire on slide serrations) and light machine oil, gentle pressure and it should lift most of the rust off.
Like I said earlier I have a Commercial Model that was bought by an mentor of mine in 1919, that gun traveled all over the place by boat, plane, horse, foot, train and car. Many of the travels I heard first hand and the rest of them are recorded in his writings. He used that gun for 70 year and it was rode hard and put away wet during his life. I have chosen to keep it in the condition I received it in so as to keep the record of his adventures as they were when he left this world.
As a starting point if you want to think about refinishing:
Colt will refinish a 1911 starting at 325 dollars but they do not guarantee removal of pitting or the clarity of markings after the work is done you might end up with sorry looking finish. You might call them for more info but I do not believe they do full restorations. Full restoration would be a much bigger investment of time an money and you will never get the money back but you might in satisfaction. Comes down to personal preference and I hope you get years of use and enjoyment out of it regardless the path you take.
When you do shoot it make sure to pay attention to where the web between your thumb and index finger is located. If you don't you will understand why the long beaver tail came about.