Manufactured by Horace Smith and Daniel B. Wesson in Norwich, Connecticut, c. 1854-55. Total production of the No.1 lever action repeating pistol was approximately 1,200 pistols. This pistol has the distinctive part-round/part-octagon barrel with integral six-shot magazine, toggle lever with finger hole and two-piece bag-shaped grips. The pistol has the early flat muzzle and wide muzzle collar with later rounded T-bar spring and "clam-shell" magazine follower. The loading lever has the spur found only on the first 100 No.1 pistols. The barrel has a brass front sight with flattened blade. A fixed rear sight is mounted on the receiver. The receiver, side plates, back strap and back of the hammer are decorated with the open scroll and leaf pattern engraving which was standard on most S&W No.1 pistols. The top barrel flat is roll-stamped: "SMITH & WESSON/NORWICH CT." The right barrel flat is stamped: "CAST-STEEL" reading toward the receiver. The left flat is roll-stamped: "PATENT/FEB. 14. 1854." The serial number is stamped on the left side of the grip strap beneath the grip. "72" is stamped on the bottom of the lever and on the inside of each grip. The barrel/magazine and receiver are blued, and the hammer and lever are casehardened. The bag shaped rosewood grips have a varnish finish. The S&W lever action repeating pistols are rare and historically significant. The toggle lever action, spring-loaded magazine and self-contained, primed cartridge were important developments in the evolution of repeating firearms. The Smith & Wesson Lever Action Repeating Pistols were pioneer arms for both Smith & Wesson and Winchester and are rare and very desirable pistols.

Fine, with 30% of the bright high polish blue finish on protected areas of the barrel and receiver. The balance of the barrel and receiver have a gray-brown patina with scattered spots of age discoloration. The case colors on the hammer and lever have faded to a mottled dove-gray patina and 40% remain. The toggle lever has several small spots of age discoloration on the bottom and inside surfaces. The open scroll engraving on the receiver, back strap and hammer is sharp and deep. The barrel markings are crisp. The grips are also fine with most of the original varnish and moderate handling wear. Produced in limited numbers, small frame S&W No. 1 Lever Action Pistols are rare in any condition.