I own a Smith & Wesson model one and one half in .32 rim fire short.
I sent to S&W to find out what, if anything they could tell me about its age (there is a form you can download and you need to pay for it) and received this back May 18, 2007:
"We have researched your Smith & Wesson Model 1 1/2 Second Issue, caliber .32 Rim Fire Short, in company records which indicate your handgun, with serial number 343XX was sold on Dec. 9, 1869, and sold through M. W. Robinson, New York City, NY, Smith & Wesson's largest distributor. The records indicate that this handgun was shipped with a 3.5 inch barrel, blue finish, and smooth rosewood grips."
It remains in the same condition today in so far as the description is concerned. There is a small gauge on the right grip above the attachment screw, otherwise the grips are in good condition. The blueing is largely intact except for underneath the trigger spur, but it has a very light sort of "rusty" patina.
I don't fire it. I didn't buy it for that purpose; I was simply interested in it as a historical firearm. I shoot Black Powder percussion guns, all of which are Italian repros, and thought it would be nice to obtain a real historic gun.
Mechanically, the gun works OK except the cylinder doesn't always index perfectly, which isn't a big problem since, as I said, I will not fire it.
The rifling is largely intact except there are a couple of rough blotchy spots in the barrel. The catch, which allows the barrel to tip up, is missing the tab on the right side, so only the left tab is present to release the catch.
It isn't any major historic find by any means, but still, it's fun to own a real gun from the 1800s and know something about its past.