this is a iver johnson's arms & cycle works second model 'safety
automatic hammer revolver. serial number T20465 was manufactured in 1907. all second models (1896-1908) were manufactured for black powder cartridge pressures. DO NOT FIRE MODERN AMMO IN THIS REVOLVER. i believe the original finish may have been blue (a blue finish during this time 1907 was a 50 cent extra cost) and it is hard to tell about the grips. two piece walnut grips were offered as optional on the second model but these grips do not quite look like the one i have seen before.
the markings on the butt you can not read should be as follows; first line PAT'D.JUNE.16.96.AUG.25.96. second line ----PAT'S.PENDING----
general information about the safety automatic revolver; it features the hammer the hammer action (aug.25.96 patent date) and was manufactured between 1894 and 1941 in three models. first model 1894-1896 (black powder), second model 1896-1908 (black powder) and third model 1909-1941 (smokeless powder). there were more second model manufactured that the first and third models combinded. total production of the safety automatic revolver can only be guessed at, but there seems to have been at least 10 million manufactured in all caliber (4), frame sizes (2) and hammer and hammerless models between 1894 and 1941.
there is probably not as much collectors interest in iver johnson hadnguns as there is in smith and wesson top breaks but enough so that values have doubled in the past few years. those i used to pay $50 for now cost me $100+ and really nice one are $250+. yours is one of the type i used to buy for $50 (no finish but working). what collectors interest that has been shown in iver johnson has made the first edition book on them a sought after item and has spurred the revision of that book to be available this summer from www.gunshowbooks.com