Got a thirty-eight special, boys, it do very well
I Got a 32-20 now, and it’s a burnin’ --Robert Johnson, "32-20 Blues"
Revolvers in rifle chamberings have always been popular in America, and after Smith & Wesson had introduced their .38 Hand Ejector in the 1890s, they saw an open market niche. The .32 Winchester Center Fire cartridge, or ".32-20", was a very popular cartridge in the Eastern US. It was chambered in plenty of lever action rifles, was more than potent enough for taking small game for the pot, and (while not ideal) many folks pressed it into service as a deer cartridge because it was cheap to buy when compared to the other primary carbine cartridges of the day, such as .38-40 and .44-40.
Smith chambered their medium-frame "Military & Police" revolver for the .32 WCF in 1899 and continued production through the start of US involvement in WWII. It was an especially popular chambering in the southeast, a region hit hard by the Great Depression, and was immortalized in blues song and legend.
These days even a wretched late 1930s .32-20 Hand Ejector that looks like it's been dragged behind a truck will command a price above a C-note, while a nice example of a pre-1902 .32-20 1st Model can fetch more than $3,000 if it has all the proper accoutrement. The revolver in the picture is factory nickeled, dates to 1921, and has a 5" barrel; it was purchased at a gun show in April of '07 for $250, and is in probably 75% condition, with all matching serial numbers and a bore that showed signs of some pitting. Ammunition is still loaded by Winchester, Georgia Arms, and some of the smaller specialty houses; the Georgia Arms offering launches a 115gr unjacketed roundnose flat point bullet at a sedate 850 feet per second, and is plenty safe to shoot in an old Hand Ejector. The .32-20 K-frame is a joy to shoot, and I can't recommend one highly enough, but if you're looking for one, be prepared to spend money and caveat emptor when it comes to condition.