The old high velocity .32-20 loads with jacketed bullets were on a par ballistically with the .30 Carbine military load when fired from a rifle. The original intent was that they were to be used only in the Winchester Model 92 and other rifles designed for smokeless powder, and not for the Winchester 1873. Belive it or not, I ran across a Winchester 92 that was originally a .32-20, but had been modified to shoot .30 Carbine. Side by side, there is little difference in appearance between the two cartridges, except that the .32-20 is rimmed.