This what is listed on the S & W web page, so I guess it's still in production for a MSRP of $829.00. They show the barrel length at 1.875" , so apparently the 3" barrel has been discontinured. While is still is a 5 shot new ones are rated for 38 S&W SPECIAL +P. Like HansGruber said, an older model that's in good shape that you find desirable for $700.00 wouldn't be a bad deal. I'm just not sure if you would want to shoot a lot of +P in an older gun. I'd check with S & W for a definite answer.
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From S & W: This small revolver, designed primarily for plainclothesmen and off-duty police officers, made its public debut at The International Association of Chiefs of Police conference in 1950. At the conference, the Smith & Wesson sales force asked the police chiefs to vote on a name for the new revolver. The most commonly suggested name was .38 Chief’s Special®. Designed with the needs of law enforcement officials in mind, the Chief’s Special proved to be a popular revolver for personal protection due to its size and weight. When Smith & Wesson adopted model numbers in 1957, the Chiefs Special became the Model 36.
Smith & Wesson J-Frame revolvers have had your back since 1950. These small revolvers were designed to fire full power rounds and are as simple and easy to use as they are reliable. Available in various calibers and with three diverse hammer designs, it is no surprise that the Smith & Wesson J-Frame has become the most popular, small-frame, defense revolver on the market.