Per "Volcanic Firearms: Predecessor to the Winchester Rifle" by Lewis and Rutter, Smith & Wesson of Norwich, Connecticut, manufactured fewer than 500 of these .41 caliber large frame No. 2 Volcanic pistols in 1854-1855. They are based on a patent of Horace Smith and Daniel B. Wesson and were manufactured prior to the subsequent renaming of the company to Volcanic Repeating Arms in 1855. The company was then reorganized by Oliver Winchester as the New Haven Arms Company in 1857 which would ultimately become the Winchester Repeating Arms Company in 1866. Horace Smith and Daniel Wesson continued to pursue their own development of revolvers starting around 1856, and the rest is history. Surviving examples of these early Smith & Wesson Volcanics are scarce and extremely desirable in any condition, as part of the beginning of the development of lever action repeaters that evolved into the Henry and Winchester 1866 rifles, and they also mark the very beginning of Smith & Wesson. This factory engraved, early production large frame No. 2 Volcanic lever action pistol has the rarely encountered 6 inch barrel, whereas they are typically seen with 8 inch barrels, and has the distinctive "Type II" features which include a crowned muzzle, rounded magazine lock T-bar spring and two carrier block spring screws. The frame has a hump behind the lever, loading lever with finger spur, and single screw cartridge carrier spring. The 6 inch, .41 caliber, part-round/part-octagon barrel has an integral 10-shot magazine below, a "pinched" blade nickel-silver front sight blade, and round magazine follower. The top barrel flat is roll-stamped with "CAST-STEEL" ahead of the two-line legend "SMITH &WESSON/NORWICH. CT." and "PATENT." The top of the frame has a screw-fastened notch rear sight. The hammer has fine hand-knurling on the spur. The receiver sides, top, backstrap, sideplates, and back of the hammer are decorated with the well-executed, open scroll engraving that was standard on S&W Volcanic pistols. The matching serial number "28" is stamped on the back of the rear sight, on the right side of the butt under the right grip, and correctly handwritten inside the rosewood grips.

Very good, with a mix of smooth brown and gray patina, and scattered freckling. The S&W legend on the top barrel flat is defined, and the engraving remains crisp. Grips are very good with much of the period refinished piano varnish finish, a few areas of surface flaking, dents, and scratches. Mechanically fine. This Smith & Wesson No. 2 Volcanic pistol serves as an important evolutionary step in the history of lever action repeating firearms!