I do not recall seeing any low digit serial numbered Colt 1911’s with zero’s in front of them. I wonder if it was a rework of some type? IMHO the serial numbering went right along from a 1911 model into the 1911A1 model.
All those zeroes sound a bit odd to me too but I really don’t know.
If it were mine in that condition, I would have it refurbished and shoot it.
In the late seventies I saw a Singer M1911A1 offered at a gun show for $1700 - a small fortune in those days. They go for north of $30,000 these days I hear.