I recently acquired a used Smith & Wesson model 696-1 .44 Special revolver. This is the model with the frame mounted firing pin, but no lock. It is in great condition with a very tight, smooth action. I have just begun to reload for it, and am working on some 240 gr loads. I reload about 15 rounds at a time of a particular powder weight, then to the range for testing. I am trying to approximate factory loads for now, using different powders as suggested by my reloading books.
The problems is that I am getting light firing pin strikes at random intervals; roughly one every 12 to 15 shots. The hammer falls, I can hear it strike, but the round fails to fire. I count to 15, open the cylinder, and find a very light firing pin indentation on the primer. I close the cylinder, position the round, then pull the trigger. The round fires, the pin indentation on this primer looking like all the rest of the fired primers.
At home, I pull the trigger on an empty cylinder, watching through the cylinder gap at the firing pin as it appears through face of the frame. It appears to be working at full strength. With the hammer cocked, I can push on the rear of the firing pin working it back and forth against the spring pressure. There appears to be no obstruction.
Then, I cock the hammer, point the muzzle toward the ceiling, drop a pencil eraser end first down the barrel and cylinder. Pulling the trigger releases the hammer, which strikes the firing pin, propelling the pencil out of the barrel by about 8 to 10 inches. I spend 15 minutes, doing this, and note that there are 2 or 3 times when the pencil looses strength, sometimes barely clears the muzzle. Following this, it is propelled upward with original strength. I cannot predict when the weak strikes will occur.
Question #1: Has anyone else experienced this? Or hear of this happening?
Question #2: How do I fix it? Or, can I fix it myself?
I have a bad feeling I will wind up sending this back to S&W for their attention. Since I bought it used, I will probably have to pay for whatever must be done, as I doubt any warranty will cover it.
Any advice?

Being you say your having the trouble with the pencil as well I'll rule out that maybe you didn't have the primers seater fully in your reloads
You might wanna remove the sideplate & pull the firing pins retaining pin & clean the firing pin channel, firing pin & return spring with a Q-Tip & Hoppes #9, It's possible there's a small chunk of carbon in the FP Channel..
Also if you call S&W they'll want the serial# & your problem..
They should send out a shipping label for Fedex & Fix the problem FREE of charge.. I've heard were some people aren't as lucky as others when it comes to this, I think that being polite & state the facts you shouldn't have any problem.. If you tell them the misfires were reloads there gonna suggest you shoot it with several different factory boxes of bullets, Also If/When they test fire it, they'll only put a wheel full threw it anyhow..
There are a couple of companies who sell aftermarket extended firing pins for those revolvers & you might wanna look into one of those..
Good Luck!!
Gary/Hk

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MightShowYouHisSmith&Wesson

Sounds like mainspring tension to light. Try this it's easy. Take off the grips and you will see a screw at the bottom front of the grip frame. This presses against the mainspring. With a proper fit screwdriver, turn it 1/4 turn clockwise. This will increase tension on the hammer, making a more positive strike. Do this 1/4 turn at a time until you have reliable ignition. You will be surprised as to see how a little more tension makes a difference. If you need more than a full turn, I would be surprised. I am assuming you don't know of this as you never mentioned trying it.

I have the 696, no-dash, where it's a hammer-mounted firing pin. Open your cylinder, push the cylinder latch in the opposite direction to normal, and then cock your gun. NOW you can push the rear of the firing pin and measure the protrusion through the recoil shield with feeler gauges. My 696 shows a minimum of 0.040."
My Smith 29-4 (f.p. on hammer) measures .045", my Ruger Redhawk double-action frame-mounted f.p. measures 0.055". None of these have any misfires or light primer hits.
With a hammer-mounted firing pin, you can then pull the trigger and while holding the trigger to the rear, you can measure the f.p.'s protrusion through the recoil shield.
It also seems to be factual that you are most likely to get light primer hits during double-action, so this would be a good way to check your gun once you figure it's "fixed." If it works in double-action firing, it is even MORE likely to fire during single-action work.
My best guess is that if you can measure 0.040", that the length is okay.
In guns with a frame-mounted f.p., it may be necessary to relieve the top hammer step by a small amount in order to allow greater energy to the f.p. when you pull the trigger. In my Ruger RH, I took off about 0.015" but this may depend upon the make and model. But at least you can look into this. If a gunsmmith called IOWEGAN is on this forum, you could contact him about this problem. He is a master with Smith and Ruger, and generally is known all over RugerForum.net. Your problem is NOT a rare occurence, and you might wish to do a Search on light primer hits or equivalent.
The above post, Colt44Sp might be the answer to your dreams. Try his suggestion FIRST.Sonny
IMHO
Sonny