Smith & Wesson K-32 Target Revolver with factory letter. The letter states that this revolver was shipped to L.W. Johnson in Waupaca, Wisconsin, on March 20, 1939. Smith & Wesson manufactured only 94 K-32 Target Revolvers between their introduction on April 15, 1938 and the termination of production in 1940. Examples of pre-war K-32 Target Revolvers are rare. The factory letter states that this revolver was shipped with a blue finish, 6-inch barrel with Sheard target front sight and checkered walnut grips. The revolver has an adjustable target rear sight. The right side of the front sight blade is marked: "SHEARD/35-D". The revolver has the S&W high polish blue finish with casehardened hammer and trigger. The oil-finished walnut grips have checkered panels with brass screw escutcheons and are inlaid with the S&W logo. The left side of the barrel is roll-stamped: "32 LONG CTG". The top of the barrel is roll-stamped with the S&W address and "06, 09" and "14" patent dates. The right side of the barrel is roll-stamped "SMITH & WESSON". The right side of the revolver frame is marked with the S&W trademark below the hammer and "MADE IN U.S.A." in front of the frame screw. The serial number, "675722" is located on the underside of the barrel, on the rear face of the cylinder and on the butt. The assembly number, "124765" is stamped on the inside of the frame and the cylinder crane.