I don't think that you'll find anyone that will tell you that any of these old top-breaks are "rated for smokless". Something I've heard a lot is that the pistol that was shipped in 1915 might well have been assembled from parts produced in 1890. That being said, Smith and Wesson did sell these handguns well into the smokless powder age, and I and many others have a ball shooting them with smokeless. The factory ammo is pretty gentle, and my handloads are even gentler.
I think the top latch on the 2nd model and newer is a little better than the button type on the first model. Mine is a Second Model, serial # 166371. I think someone on here told me that the date of that number was about 1907 - 1909.
For me, a good shooter is one that is in excellent mechanical condition, but less than pristine cosmetic condition. There are many out there that fit the bill for a couple hundred US dollars. I've got two of them now and for sheer toy value, my money was well spent. (course I'm kinda weird)
Good luck.
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