This very scarce early repeating pistol is one of approximately 1,200 of these No. 1 pistols manufactured by Horace Smith and Daniel B. Wesson in Norwich, Connecticut; 700 of which believed to have been manufactured and assembled by Smith & Wesson between 1854-1855, and the remaining 500 believed to have been assembled by the Volcanic Repeating Arms Co. from parts acquired from Smith & Wesson between 1855-1857, per page 31 of "Volcanic Firearms" (2011) by Lewis and Rutter. Predecessor to the more frequently encountered brass frame "Volcanic", this is a rare example of the 4 inch .31 caliber "lever action magazine pistol" manufactured by Smith & Wesson. The company would be reorganized a year later, 1855, as the Volcanic Repeating Arms Company and the rest is history. Smith & Wesson focused their efforts to design and produce a pistol that could fire the self contained metallic cartridge using Rollin White's bored through cylinder, while the Volcanic Repeating Arms Company would be subsequently reorganized as the Winchester Repeating Arms Company. This pistol features the distinctive "Type II" features which include a crowned muzzle and rounded magazine locking spring. Post front sight mounted on the barrel, with a notch rear sight mounted on top of the frame. The two-line parallel barrel address "SMITH & WESSON/NORWICH CT." is marked on the top barrel flat. The left flat is marked with the patent information in two lines "PATENT/FEB. 14 1854". The right flat is stamped "CAST-STEEL" upside down. The frame, side plates, hammer, and rear grip strap feature factory engraving consisting of open scroll and vine motifs. The serial number is stamped on the right side of the ring trigger lever and on the ring trigger lever link. Complete with "bag" style varnished wood grips.