This is registration # 296. A good friend of mine just aquired it and asked me to post pics. I thought the low registration number and the unique hammer was quite interesting. Would appreciate any comments or questions. The grips number and the finish is every bit of 99%. Pictures.zip (1675KB)
If the hammer doesn't have the concentric grooves on the sides (and it doesn't appear that it does) it isn't an original Registered Magnum hammer. If it does have them, then the hammer spur has been replaced.
If you can post larger images perhaps we can tell you a little more about it.
Great gun! The hammer looks like it might have a step on the back like it may have a short action conversion. Is the hammer marked anywhere? Patent dates? King? Has your friend lettered it to see how and where it shipped? Get the factory letter and then you can get SWHF records that may include original order form and much more.