Well it does make it interesting…
There are gaps in our knowledge because not a whole lot of research has been done on turn-of-the-20th century Iver Johnson revolvers.
The main difference between the first and second models was the barrel latch, which they called a “catch.” The first model had a lever on the rear part of the barrel on the left-hand side, and to open the barrel you would pull this lever upwards and backwards. The second (and third) models had a latch similar to what S&W used, and to open the barrel you pivoted the latch upward and forward. On the second model they also added an additional ’96 patent date, and moved the dates to the side of the barrel. Also by then they were using a letter prefix on the serial number stamped on the frame behind the grip.
What you have is what appears to be a first model, with a later second model barrel latch, and I can’t explain why except that the latch might have been introduced earlier then first thought. Since your revolver isn’t a parts gun (because the number on the barrel matches the frame) it isn’t something someone made up using parts from different guns.
If we go by the serial number you have a
First Model made in 1894 with an entirely different barrel latch that was supposedly introduced in 1897, and the two latches are not interchangeable.
Gun manufacturers – then and now – often would use up older parts still in stock after a new feature was introduced. That might have happened here, but we have no way of knowing, and since they are long gone you can’t go back to the company and ask.
But like I said, the piece is interesting, and none of this would have been discovered if you hadn’t posted a picture.