I'm wondering if someone can help me understand more about a model 54-4 i just ran across at a gun store. It appears to be some sort of commemerative (1887-1987), with "1 of 10" engraved on the face plate on the right side of the gun. I didn't write down the serial number but it was something like APV81XX. it was not pinned or recessed so assume it was made around 1985-87. It is chambered in 44-40 and appears to be on a K frame. It is nickel but there isn't an "N" stamped on the end of the cylinder so must be after market. The original box is with the gun but is pretty rough.

When I look up model 54 in my SW book it just says "experimental" and no other information.

Can anyone provide any more info on this gun and maybe what you think it is worth? Gun shop is asking $650.

Can anyone provide

The gun you are looking at is the model 544 which is the Texas Wagon Train Commerative, chambered, as you said in .44/40 Winchester. It is an N-frame with a 5" heavy barrel. These guns were made in blue finish only, with gold inlay in the lettering. I am unaware that they made any in nickel, though the 1 of 10 marking leaves me intrigued. The one you are looking at has been refinished if it is nickel. It's value is only as a shooter as it's collector value has been destroyed. $650 is way out of line for a refinished gun! I'd say it's value is about half that as a shooter only. I would pass on it, as I do not buy refinished guns that someone has messed with. Who knows what else has been done to it? There are plenty of clean, original condition Smiths out there.

Nrame-

thank you for the quick response and the valuable information. I just started buying SW double actions and don't have indepth knowledge yet. The cool thing about this site is there are a bunch of guys on here like yourself that are happy to share their knowledge with others.

much appreciated!