Colt Official Police were made from 1927 to 1969. About 400,000 were made. Those grips that you pictured don't appear to be factory grips. As far as I know, they came with black plastic grips up until the end of WWII, plastic "Coltwood" grips until '54, and walnut after that.
If the cylinder is timed correctly, and it locks up like it should, it is worth every bit of the $199, even if it doesn't have any finish left on it. I'd buy it for that just to have another shooter.
You need to make sure the Official Police is what you were looking at, though. Colt made the Police Positive, the Official Police and the Colt New Police. There may have been more with "Police" slipped in to the name, but that's all I can think of at the moment. All three are vastly different.