imported post
Perhaps he is using the military designation for a Colt Officer's model-style 1911. Rock Island armory made these for the US DOD starting in 1972, for issue to people ranked General...
http://en.wikipedia.org/wiki/M15_pistol
As a collectors item, $1500 is propbably about correct, if it's in mint condition. But if you want to keep it's value, you can't shoot it or carry it around every day. the whole point of perfectly preserved collectors items is that they are PERFECT...
As an every day carry gun, this seems like a lot of money for what is basically an old gun--old design, old features, old manufacture, old safety mechanisms...
For a LOT less money, you can get a newer gun with more features, and probably more reliability and performance.
So it depends on what you want to do with it, as to whether or not this is a good deal...