They are pretty rare, and in good condition, worth some money, though not tons of money. The original magazines are worth about $100 each, and are still sought after. A 1911 in 38 Special is a really fun gun to shoot. I have a Clark (built from a 38 Super) and I love it. Clark still builts 38 Special 1911s, but their price recently jumped to $2900. I'm guessing they won't be selling too many at that price.
The Colt is a little different than the Clark in that it is a blow back design. They had some problems with early models and recalled them. They put some machining in the chamber. If the work was done to yours, you should be able to see some shallow ridges in the chamber. When a gun with the recall work is fired, there is an unmistakeable pattern that is imprinted on the brass.
What's even more rare than the Colt 38 Special is a Colt 1911 in 38 AMU.