Model 1865 carbines serial numbered in the approximate range 1-23000 and manufactured in 1865-1866. With the breech end of barrel marked "M.1865", six groove rifling, Stabler cutoff, and two cartouches on the left of the stock. Many of these Spencer carbines were used in the West into the late 19th century, with this one wearing an 1879 dated Morgan silver dollar in the right of the stock that appears to have been done in the period. The flip side of the coin is not visible to be able to see the mintmark but if it is a Carson City it could be worth a premium; as it is, it is a mystery.

Very good, retaining 40% faded blue on the barrel thinning to a brown with some light spotting and scratches under and on the rear sight post, traces of original case colors on the receiver turned to an even brown with some light spotting. Wood is also very good with some handling marks, dents, and scratches including a carved "X" under the forearm, and a few small chips, including around the cutout for the fine Morgan dollar and at the toe. Overall, this carbine displays a pleasing patina characteristic of use out in the old West. Mechanically excellent.