This very scarce early repeating pistol is one of approximately 1,200 No. 1 pistols that were manufactured by Horace Smith and Daniel B. Wesson in Norwich, Connecticut, in 1854 and 1855. They are historically significant pieces for both Smith & Wesson and Winchester collectors as they marked Smith and Wesson's first business venture and are key pieces in the evolution of lever action firearms which developed into the famous Henry rifle and then Winchester's famous line of lever actions. The barrel has "CAST-STEEL" (right), "SMITH & WESSON/NORWICH. CT." (top) and "PATENT/FEB. 14. 1854." (left). Factory floral and scroll engraving is featured on the frame, side plates, and hammer. "C45" is visible on the bottom of the action and the left side of the frame under the grip. The matching number "45" appears on the back of both grip panels.

Good displaying the gray patina associated with spending a lifetime in a challenging environment. The grips are also good showing similar "working gun character" with a series of "kill notches" on the left panel. Mechanically fine. A rare factory engraved Smith & Wesson Volcanic No. 1 pistol with a lot of attractive character.