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If it was me, I would first have the springs replaced and the timing checked by a gunsmith, then for old times sake shoot a few rounds.
I wouldn't spend anymore money then that to make it usable.
 
Some great replies. Thanks everyone. This is the first "inheritance" type item to reach my generation in the family.

I'm still not sure if restoring it would be the right move, I'll have to talk about it with my grandparents and parents generations this Christmas to get their thoughts.

My immediate concern was more about if there was anything I should do to stop or slow the progression of decay. The pitting concerns me as I can only imagine it will get worse if I don't do something to stop it.

If my goal is to give it to my grandkids someday, and have it still be in shooting condition, is the restoration the best way to ensure that? Ultimately that is my goal and if it means restoration than that's probably the plan.

I'd rather them get to shoot something their great great great grandpa shot (even if that means removing the earned wear) then to hang on the wall a rusty piece of steel that used to shoot in the old days.
 
Take the Stocks off and give it a good coating of oil Such as Corrosion-X. Now, set it aside and make up your mind about what YOU want to do. Take your time.
 
Buy some "Kroil" which is made by Kano Labs. Remove the grips, liberally spray it all over the firearm and then place it in a zip lock baggie to soak in.
Great product and any rust will dissolve in a few days.

2168Equipupstore_Kano_Equipupstore_Kano_Aerokroil_10oz..jpg
 
Kroil will remove much of the Rust and since the Bluing is a process of Controlled Rusting it will also Attack the rest of the Finish. I wouldn't recommend the Kroil for this project.
 
Take the Stocks off and give it a good coating of oil Such as Corrosion-X. Now, set it aside and make up your mind about what YOU want to do. Take your time.
Glad to hear somebody else knows about Corrosion-X. Couldn't get any vendors down here in Medford to carry it. Good thing I have enough though.
 
This has been passed down since it was bought it new (reportedly) in 1907.

My grandfather says he shot it about 5 years ago. I'm wondering what I can do to keep it in the best condition possible, so that I may be able to pass it to my grandkids someday.

Should I do anything to "restore it"? The texture on the metal in some places seems rough, not sure if that's normal for the period or if I can (or even should) do anything to improve it.


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I am a gunsmith, and you can go on you tube and look up on You Tube Midway with Larry describing the kind of work you want done and you can tackle it yourself. There are lots of videos out there. Stick with mild loads preferably lead bullets and have fun. Smith has always had the finest workmanship in revolvers but after extended use the wear and tear takes its tole. YouTube has many videos especially reccomend the ones from midway and Larry concerning the S&W revolver setup and tuning.
 
Based on the serial number, it appears to be made in 1905 (Change 3).

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I agree with the change 3, but looking at the ejector rod knob it appears to be abit younger and I still say post heat treat. So I wonder where you got 1905, but being wrong is kinda of my thing, so....
Here is mine that I purchased a while back on this forum that dates to 1920.
C6569DDA-D51A-408B-9506-0A2637F6F68A_zpsnpgmd6ug.jpg
 
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Kroil will remove much of the Rust and since the Bluing is a process of Controlled Rusting it will also Attack the rest of the Finish. I wouldn't recommend the Kroil for this project.


I've had old rusted blued parts soaking for weeks in Kroil and never saw any bluing loss.
Every part had loosened up and came apart with little to no effort.
If you keep it sealed in a plastic bag with no air it doesn't change the bluing, only loosening up the rust.
 
I was handed down a 40 year old revolver from my dad that was not taken care of so it had pitting. I took it to my gun smith and had him redo the bluing after blasting it. It looks good and functions perfectly. It still has pitting that will always be there but at least its in a condition now that will allow for continued use and no more deterioration that it already has with proper care.
 

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