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There are many versions of the Colt 32-20. A book like Modern Gun Values, or Blue Book of gun values can help you narrow down what model you have and the age. Condition of the firearm, bluing, grips, etc. also impact value. Another option is contacting Colt via their web site. With the serial number and for a fee they will provide you a letter with the history of the gun. Depending on providence they can be worth a lot of money. In other words if it was used in a known event or by famous person, or if history of the original owner can be found and documented it can vastly impact values. It may be worth it once you have checked the books for approximate age and model.

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Q: What is the value of a colt 32-20 Army revolver?
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