Spencer Repeating Rifle Co. manufactured the Model 1865 carbines in 1865-1866, with the first deliveries in April 1865, serial numbered in the approximate range 1-23000, chambered for use with 56-50 "50 Spencer" rimfire and equipped with the Stabler cut-off. Spencers continued to be used by the U.S. Army in the American West after the Civil War during various conflicts with Native American tribes until they were replaced by the Springfield Trapdoor rifles and carbines. Many also found their way into civilian and Native American hands, and saw use into the 20th century. Oval bordered script "ESA" (Erskine S. Allin) inspection cartouche stamped on the left side of the stock wrist, with small single letter inspection initials on various components.

Fine, retains 30% original blue finish on the barrel, 60% vivid original case colors on the frame and components, with scattered mild brown surface freckling and a mix of smooth gray and brown patinas on the balance, with sharp markings and edges in the metal. Wood is also fine with defined edges, scattered dents and scratches, a few chips, and a defined cartouche. Mechanically excellent.