Manufactured in very early 1932, the first year of production, with a beaded blade front and elevation adjustable rear sights. The barrel is stamped with the First Type inscription on the left and right sides near the breech. There is a Winchester oval proofmark on top of the receiver and on top of the barrel near the breech. The top tang is factory drilled and tapped for a tang sight with filler screws. The magazine tube has the reinforcing collar only used on the first few years of production and the small loading slot for .22 short cartridges. Mounted on the early First Style forearm and stock with a checkered steel buttplate.