If it says "Charter Arms" on the barrel it's most likely 1st generation, pretty well made and safe to use. They are pretty easy to spot becasue they have an exposed ejector rod.
If it says "Charco" it's definitely 2nd generation and you want to have it checked out by a competent gunsmith.
If it says "Charter Arms 2000" it's a 3rd generation and it's a jump ball, since I haven't heard much about their quality.
The original Charter Arms guns were actually fairly well made for the price. A lot of folks, the vast majority of whom have never owned or fired one, will give you a long song and dance about how they will all blow up in your hand. Usually based on something they heard from a gun store commando, or on the web and based on the poor quality control of the Charco guns.
I've got a .38 Undercover that I bought used was pretty cheap (under $140) with the original Charter Arms holster, (also stamped Charter Arms), and I believe our own THR Jim March has one too.
I'd like to say I put a lot of rounds through it, but my wife took it away after she tried it the first time. It's light, handy and the same size as a J-Frame S&W. She has put a lot of round through it and loves it.
Me, I'm looking for another great deal on one.