Short Overview:
This exceptionally rare Smith & Wesson No. 1 Small Frame Volcanic pistol, serial number 2236, is a beautifully preserved example of one of the earliest firearms produced by Smith & Wesson. Manufactured in 1854, this .31 caliber Volcanic pistol features factory engraving, documented provenance via a Smith & Wesson factory historian letter, and a level of original finish seldom encountered on surviving examples.
 
Detailed Description
The Smith & Wesson No. 1 Volcanic pistol represents a critical and often overlooked chapter in American firearms history. Produced prior to Smith & Wesson’s famous rimfire revolvers, these early Volcanic pistols were manufactured in limited numbers and served as a technological bridge between the Volcanic Arms Company and the later Henry and Winchester repeating arms.
This small frame Volcanic pistol is of all-steel construction and is chambered in .31 caliber. It features a 4-inch octagonal barrel with a ribbed, integral magazine tube, a pinched post front sight, and a fixed rear sight set into the top flat of the frame. The barrel retains crisp and legible markings, including:
“SMITH & WESSON / NORWICH, CT.” on the top flat
“PATENT / FEB. 14, 1854” on the left barrel flat
 
The pistol is fitted with two-piece, bag-shaped smooth rosewood grips, each numbered to the pistol, confirming originality. Serial number 2236 is present in all correct observed locations, including:
Left side of the butt strap beneath the grip
Inside both grip panels
On the exposed portion of the carrier visible through the bottom frame slot
 
The right side of the lever is marked with a large “F”, a correct and notable factory marking for this model.
Adding to its desirability, the frame, back strap, and rear edge of the hammer are tastefully factory engraved with foliate and arabesque motifs, enhancing both its aesthetic appeal and collector significance.
According to Flayderman’s Guide to Antique American Firearms, approximately 1,200 Smith & Wesson No. 1 Volcanic pistols were produced between 1854 and 1855. The vast majority of known examples exhibit heavy wear with little or no remaining original finish, making this pistol’s condition particularly remarkable.
This example is accompanied by a Smith & Wesson factory historian letter, confirming manufacture in 1854 and original sale through J. Dixon & Co., New York City, who at that time served as Smith & Wesson’s sole agent. The letter further identifies the pistol as a .31 caliber, small frame Volcanic with blue finish, corroborating observed factory features.