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While it is not the most valuable, the rarest handgun I have in my modest little collection, is this M&P Model 1899 Hand Ejector, AKA first Model Target.
A little background:
Smith and Wesson introduced their first Hand Ejector revolvers with the Model 1896 which was a small (I) frame revolver chambered for the .32 S&W cartridge. In 1899, desiring a better gun (the 1896 left a lot to be desired) and wanting one in a larger caliber to compete with Colt's 1892/93/94/95 etc swing out cylinder guns, they came out with the gun that basically defined their revolvers for the next 100 years, the medium sized .38 special K frame Military and Police Hand Ejector. Over the years it went through many internal and external changes, but the K frame remained basically the same.
Up until the model number system was introduced in the late fifties, S&W handguns were known by the name the factory gave them. In the case of the first K frames they were called the "Military and Police Model 1899 Hand Ejector". Quite a mouthful huh?
The first series were produced in a quantity of 20,975 ending in 1901 before S&W made some modifications and the first model became the M&P 2nd Model, or the Model of 1902.
Since these were designed primarily as service revolvers, the standard M&P came with fixed sights, however they could be ordered with target sights. It is estimated that the total production of 1899 First Model revolvers with target sights was somewhere around 5-10% of the total First Models produced. Of those it is also estimated that fewer than 10% survive in unaltered condition.
Lets do the math:
Total production = 20,975
5-10% produced as target models = 1049~2097 (rounded up)
less a 90% attrition rate = 105~210 examples still around after 120 years.
Now to the gun. I picked this up from an Armslist ad several years ago. It was listed as a ".38 Smith and Wesson. I looked at it, the price was very reasonable so I brought it home. It was only after a bit of research that I realized I had a pretty rare critter. All numbers match, it still locks up tight and indexes correctly. The sights are typical late 19/early 20th century affairs, in other words terrible to use.
Serial number 17480 on this one indicates it was made fairly late in the First Model production run, most probably in 1901 which makes it 120 years old.
A little background:
Smith and Wesson introduced their first Hand Ejector revolvers with the Model 1896 which was a small (I) frame revolver chambered for the .32 S&W cartridge. In 1899, desiring a better gun (the 1896 left a lot to be desired) and wanting one in a larger caliber to compete with Colt's 1892/93/94/95 etc swing out cylinder guns, they came out with the gun that basically defined their revolvers for the next 100 years, the medium sized .38 special K frame Military and Police Hand Ejector. Over the years it went through many internal and external changes, but the K frame remained basically the same.
Up until the model number system was introduced in the late fifties, S&W handguns were known by the name the factory gave them. In the case of the first K frames they were called the "Military and Police Model 1899 Hand Ejector". Quite a mouthful huh?
The first series were produced in a quantity of 20,975 ending in 1901 before S&W made some modifications and the first model became the M&P 2nd Model, or the Model of 1902.
Since these were designed primarily as service revolvers, the standard M&P came with fixed sights, however they could be ordered with target sights. It is estimated that the total production of 1899 First Model revolvers with target sights was somewhere around 5-10% of the total First Models produced. Of those it is also estimated that fewer than 10% survive in unaltered condition.
Lets do the math:
Total production = 20,975
5-10% produced as target models = 1049~2097 (rounded up)
less a 90% attrition rate = 105~210 examples still around after 120 years.
Now to the gun. I picked this up from an Armslist ad several years ago. It was listed as a ".38 Smith and Wesson. I looked at it, the price was very reasonable so I brought it home. It was only after a bit of research that I realized I had a pretty rare critter. All numbers match, it still locks up tight and indexes correctly. The sights are typical late 19/early 20th century affairs, in other words terrible to use.
Serial number 17480 on this one indicates it was made fairly late in the First Model production run, most probably in 1901 which makes it 120 years old.
Bob B. 
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