I bought this early (1937) Remington 121 a couple years ago to go with my Winchester gallery guns (1890, 1906 and Model 62).
IIRC I paid around $450.
The Remington and Winchester gallery rifles look very similar, with the main difference being the more modern hammerless design Remington introduced in 1909.
After Winchester was bought by Olin in 1932 they updated the 1890/1906 design to the hammer less fast back design in their Model 61 to compete with the Model 12.
The designs and their designers however could not be more different. John Browning for example, was a master at making simple looking parts do very complex things and the 1890, 1906, 61 and 62 all reflect that.
John Pedersen on the other hand was an equal firearms genius who designed very complex but elegant mechanisms and the Model 12 and 121 reflect that.
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Remington introduced the .22LR high velocity load (40 grain bullet at 1280 fps compared to the standard velocity load at 1095 fps) in 1930. The .22 LR high velocity load pretty well polished off most of the lingering appeal for the .22 WRF and dimensionally identical .22 Remington Special.
(However by then the .22WRF and .22 RS had evolved from launching a 45 gr bullet at 1050 fps. to launching a 45 gr bullet at 1440 fps. It still wasn’t enough performance difference to offset the cost difference and both cartridges quickly dies out. Winchester resurrected the concept with the .22 Winchester Magnum Rimfire in 1959, operating at 24,000 psi and launching a 40 gr bullet at 1875 fps.)
Remington did not however introduce the Model 121 until 1936. The popular wisdom is that Remington improved the design with the Model 121 to make it stronger in order to allow the design to handle the higher pressure .22 LR high velocity load.
I have never quite believed that based on never seeing a Model 12 with a cracked bolt or other .22 LR HV related damage. Plus the “improvement” in the Model 121 is a slightly thicker and heavier receiver.
Plus like the Winchester 1890, the Model 12 was also chambered in .22 Remington Special / .22 WRF, cartridges that produced 19,000 psi pressures at that time. While that is well ahead the usual 8000-13000 psi for standard velocity loads, it’s not far behind the modern .22 LR high velocity SAAMI maximum pressure of 24,000 psi. That standard for .22 LR was also set in 1975. While the Model 12 was by then been out of production for a whopping 39 years, Remington made 832,000 of them and they were still in very common use. SAAMI wasn’t likely to set a standard in excess of what a still in common use .22 LR rifle would manage.
Would I shoot modern CCI stingers in a Model 12? Probably not, but to be honest that’s an overly conservative bias against the stinger on my part. The peak pressure is within limits, it’s just longer. Would I shoot regular 40 gr 1280 fps .22 LR HV? Sure.
But then I rarely shoot anything other than standard velocity ammo anyway.
In any case I suspect the introduction by Winchester of the modernized 1890/1906 design in the form of the hammer equipped Model 62 and the hammerless Model 61 in 1932 prompted the redesign of the Model 12 more than anything else.
Even though the basic 1890 design was already bank vault strong by any .22 rimfire standard Winchester could claim the Model 61 and 62 were designed for the new .22 LR high velocity load. Remington could not say that about the Model 12 so a minor update and model number change made sense.