This pistol is one of approximately 1,200 Smith & Wesson No. 1 pistols manufactured, and the "G" by the serial number on the lever indicates it was assembled by the Volcanic Repeating Arms Co. per the chart on page 32 of "Volcanic Firearms: Predecessor to the Winchester Rifle" by Lewis and Rutter. They are historically significant pieces for both Smith & Wesson and Winchester collectors. The heavier "Type II" barrel has "CAST-STEEL" (right), "SMITH & WESSON/NORWICH. CT." (top) and "PATENT/FEB. 14. 1854" (left). Factory floral and scroll engraving is featured on the frame, side plates, and hammer. The left side of the butt, some of the small parts, and both grip panels have the matching serial number "148," and the right side of the lever has "148G." The lever is the later style without a spur on the bottom.

Good with dark patina, mild pitting, and general mild overall wear. The engraving remains distinct. The grips are also good and have mild handling and storage wear and some dings at the butt. Mechanically functions fine, but the lever is a little loose.