Produced circa 1865-1866. Blade front and folding ladder rear sights, with "M 1865" behind the rear sight, "DAP" on the left flat, and the top of the frame marked "SPENCER REPEATING/ RIFLE CO. BOSTON MASS/ PAT'D MARCH 6. 1860". Smooth, straight grip stock with a pair of sling swivels, "EAW" and "DAP" cartouches on the left side behind the saddle ring bar and a casehardened buttplate.

Near mint as professionally refurbished, showing 98% of a deep blue on the barrel and vibrant case colors on the frame and butt. Markings are well defined, and mild handling marks are visible. Stock is very fine, with crisp original cartouches, a chip absent behind the lock plate and light pressure dents. Mechanically excellent. An attractive Model 1865 Spencer saddle ring carbine.