32 Top Break 4th Model

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I have an opportunity to buy a 32 Top Break Double action, 4th model, blued, S/N 224181, and would like to tap into some of the knowledge here. I haven't seen it in person yet, but have a few questions. If it's the original finish (sort of doubtful), are blued ones preferred over nickle? I'm aware of the hammer push-off issue, and, assuming the revolver is in good shape, is $250 a decent price with the ammunition? I'm familiar with more modern S&W revolvers, but this would be my first antique, and I'm sort of intrigued. Any insight would be appreciated.
 

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If the blue is original, and not refinished I would say $250 is a good deal. It is hard to tell from the one photo though. Look for signs of refinish poor fitting sideplate, rounded edges blurred stamps, hammer, and trigger should be case hardened. Look at the grips wear matching rest of gun, pitting under finish....The serial number puts this one post 1899 into the modern class to some this decreases the value. As to blued ones vs nickle I think it depends on condition worn nickle looks worse than a similarly worn blue one....
 
Sorry to tell you this, but the gun is modern as classified by the BATF and subject to all regulations applicable from your state and federal agencies. The cut-off for antique statue of a S&W Double Action (DA) .32 top break revolvers with hammer (serial # below 209,301). Actually, the serial number puts it at post-1898, not 1899.

One qualification on "antique" status is that since the serial number is just about the cut off, you might get lucky with a factory letter that states it shipped pre-1899. The letter would be sufficient proof of age, but costs $100. There have been some instances of guns lettering as antiques even when they are past the antique cut off.

There is no way to tell from your image if the gun is original or refinished, so value is a big question that cannot be answered. All I can say is as Randy states, if original it is worth what the seller is asking, but if refinished, not worth that kind of money since all collector appeal is lost. That puts a gun into the "shooter" category and I will tell you that demand for a 32 S&W revolver is low compared to most other S&W models out there.
 
Thanks for both your replies. I hadn't taken into consideration whether it was an antique or not, but that status isn't much of a deterrent for me. I'll get to see it this evening, but am leaning towards passing on it, mostly because of the cartridge. If it was a 38 I'd be a bit more inclined to go for it. I also realize that I don't really need to be expanding my "collecting" into another field, though it would be fun to have one just to see what makes it tick. Thanks again for the input.
 

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