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Based upon your description your gun appears to be a second model small frame hammerless, sixth variation, made in 1906. Iver Johnson revolvers were redesigned in 1909 to shoot the more powerful smokeless powder cartridges. You can confirm which gun you have by looking for two attributes on the gun. Black powder guns have the owl on the grips looking forward toward the barrel and there will be two thrupins under the cylinder. Guns designed for smokeless powder ammo will have the owl looking out (not forward) and will have 4 thrupins under the cylinder. Assuming yours is a second model manufactured before the redesign, shooting modern smokless ammo is problematic as the gun was not designed to handle the increased pressures generated.

I recommend buying the only authoritative book on Iver Johnson Arms, written by W. E. Goforth, available (when I last checked) on Amazon. All information above comes directly from that book.
 
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