That is a pre Series 70 1911.
Note the ejection port is not lowered. It is essentially the same as a WW2 1911A1, just with a commercial finish.
If memory serves, the serial number should have a "C" prefix to denote civilian production if it is pre-war, and a blocky C suffix if it is post-war.
Yours is the latter, so it is likely 1950's-1960's production.
It seems you have a decision to make.
1. Have the gun evaluated for collector value in its current condition. If it is more valuable as is vs. re-blued, you may want to leave it in its current state and just keep it well-oiled to prevent further corrosion. Collectors love their patina. The rest of us call it rust.
2. Send it off to Doug Turnbull for a period correct restoration if you want to spend the money and return it to its original glory. Doug is a master at recreating the exact type of bluing used by each of the historic companies and their different bluing methods. This may add value beyond the cost of restoration being you have nothing invested in it.
3. If it has no significant collector value and you just want it as a shooter. Cerakote H-238 Midnight Blue is an excellent replacement for traditional bluing. You can even duplicate the original matte rounded surfaces/polished flat surfaces by wet sanding the flats with 600 wet or dry after Cerakoting.
tonight.
What are the bandoliers? 30 Carbine? What is that pistol mag? Are those AK mags? 
