To add a little to the good info above:
Those fixed sight 32s were regular production for maybe 4 or 5 years. It's the only model to ever be made with the 1/4" shorter steel grip frame. All the blue models like the one you found have the short grip and have no alloy parts. There was also an all stainless steel version made both with the short grip or with the standard length grip and simulated ivory grips. Both were only available with 4 5/8" barrels.
The 32 H&R Mag cartridge is accurate and fun to shoot plus you can also shoot 32 S&W Longs in it. Some even shoot the semi-rimmed 32 ACP for a little more zip but far less than the H&R Mag. Not condoned by Ruger but quite safe.
People that have them love them. They have been out of production for about 6 years but turn up on the used market fairly regularly for $450 to $500 many new in the box. Sometimes a little more for the stainless.
For many more years the .32 Single Six Magnum was produced only in solid blue, which is almost the same revolver but with fully adjustable rear sight and choice of 4 5/8, 5 1/2, 6 1/2 or 9 1/2" barrels. Bisley versions were also available, all with long barrels. However they have alloy grip frames and ejector rod housings. These are also out of production but often seen for sale in the same price range. The 4 5/8 and 9 1/2" barrel lengths are the hardest to find.
Currently the only regularly produced .32 Ruger is the new.327 Fed Mag, 8 shot made on the stainless Blackhawk large frame, 5 1/2" barrel only, which also shoots all the cartridges mentioned above as well.
I hope that gives the background you wanted.
REVISED: my statement above indicating the blue guns only came with the short grip frame is incorrect. They came with short or standard length just like the stainless models. Thanks to gak for that info!