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I have no idea why S&W designed two completely different revolvers and labeled them as Model 1 1/2, and 2,
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Gary, being new to the antique S&W world, I am not sure that I understand your question. My brief time as a student of the antiques has led me to believe that the 1, 1 1/2 and 2 and even the 3 for that matter were used to designate changes to the first models produced by S&W. The 1 was a small .22, 7 shot, the two was a larger 6 shot .32 caliber and the 1 1/2 (so named because it came out after the model 2) was squeezed between the models 1 and 2 and was a smaller .32 rim fire 5 shot.