Only an estimated 1,200 No. 1 pistol were manufactured by Horace Smith and Daniel B. Wesson in Norwich, Connecticut, in 1854 and 1855. These pistols, along with the less than 500 larger No. 2 pistols, represent an important step in the evolution of lever action firearms. This design was later manufactured in slightly altered for by the Volcanic Repeating Arms Company and New Haven Arms Company before being the basis of the famous Henry rifle which was ultimately refined by Winchester to become the legendary Winchester Model 1866. This example is among the last 50 iron frame Volcanics produced by Smith & Wesson prior to the company's sale to Oliver Winchester. There is a small post front sight at the front of the barrel and a notch rear sight ahead of the hammer. The right barrel flat is stamped "CAST-STEEL", the top barrel flat is stamped "SMITH & WESSON/NORWICH. CT.", and the upper left barrel flat is stamped "PATENT/FEB. 14. 1854." The receiver has the standard Rococo style acanthus and floral engraving patterns. The grips and lever are numbered to the gun. Being in the "H"-prefix serial range, the last group produced, and number 252 of the 300 numbers in that range, places this pistol in the last 50 small-size .31 caliber iron frame S&W Volcanic’s manufactured.