Predecessor to the more frequently encountered brass frame "volcanic", this is a rare example of the 8 inch 38 caliber "lever action magazine pistol" manufactured by Smith & Wesson Repeating Arms Company which began manufacturing in 1854. 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 Whites bored through cylinder. While the Volcanic Repeating Arms Company would become the subsequent birth of the Winchester Repeating Rifle Company. Relatively little information is known about the total number produced though some estimates suggest as few as 500. The pistol has a half-round/half-octagon barrel with front-loading integral magazine. The pistol has an iron frame and loading lever with round ring hole and attached spur. The two-piece grips are rosewood with flat bottoms and a varnish finish. The barrel has a pinched steel front sight blade. The rear sight is an old replacement. The sides of the receiver are decorated in the typical volcanic pattern with large open scroll engraving and the top of the receiver features an engraved leaf motif. The top barrel flat is roll-stamped with the legend: "SMITH & WESSON/CAST STEEL NORWICH CT PATENT". The serial number, "51" , is stamped on the lower left side of the frame underneath the grip.

Fair. The barrel is mostly a mottled gray patina with patches of scattered pin prick type pitting down the length. The frame is now a gray patina exhibiting some surface wear and overall shallow pin prick pitting. The top of the frame and upper tang particularly around the hammer show evidence of an old but professional repair with some artificial brown applied. The left side plate exhibits a very tiny weld spot. The engraving remains good. The original grips are fair having been cleaned and revarnished some time ago, the left grip has an old repair at the heal. These large frame lever action magazine pistols are extremely scarce and represent an extremely significant period in the manufacture and development of the firearm as well as ammunition during the mid 19th century.