Iver Johnson Hammerless Revolver

Question
Found in deceased grandfather's effects, a five-shot hammerless I-J revolver, two-inch barrel, with the following patent marks on the butt: "PATD APR 6 86 FEB 15 87 MAY 10 87 MAR 13 88 AUG 25 96 PATS PENDING

Top break, star ejector. Leaf spring in grip handle.

On left side of barrel (two lines): X IVER JOHNSON'S ARMS & CYCLE WORKS *   < FITCHBURG MASS USA >

Serial number on bottom of trigger guard = 16604. Serial number on left side of frame under grip = I 16604. However, the "I" might be an "L" (or possibly something else) because the lower part of the letter was stamped slightly off the frame metal.

Safety spring in trigger.

Photos available. Year of manufacture and correct nomenclature requested. Many thanks in advance.

Answer
Hello Scott.
  Your very precise description of this revolver has helped greatly in my identifying it for you. Yes, it is an 'L' in the serial number. You have an 'Iver Johnson Small Frame Safety Hammerless Automatic Second Model Fifth Variation .32 Centerfire' revolver. With the 2" barrel, it was the last 'Cycle Model' manufactured by Iver Johnson Arms & Cycle Works. It was only manufactured in 1904.
  Although the 'Second Model' revolvers were manufactured to fire blackpowder loaded cartridges, they were, in fact, strong enough to fire smokeless powder cartridges. I am deeply sorry that you lost your grandfather, but I am truly elated to know you have discovered one of his prize possessions. Thank you for allowing me to do this research for you. Charles Gage