Earlier this year, one of the most storied U.S. gunmakers in history, and one of the few that’s still a fully American brand, jumped into the lever gun market for the first time since the platform was invented when Smith & Wesson dropped its Model 1854 line of lever action rifles.
It was something most didn’t expect from S&W, just like they didn’t expect a folding PCC based on the M&P platform. The Model 1854 was almost as weird as Henry Repeating Arms releasing a throwback revolver — almost. But the market space was ready.
Back in the day, the landscape was fairly simple. Broadly, the lever gun space was filled by Marlin (owned by Remington back then), Henry (which has nothing to do with the original Henry rifle, though the company does produce a version of that classic repeater), and a few Italian companies producing modern replicas of classic Winchesters. You could count the Browning BLR, beloved by hunters for a good while because it fed from a box magazine and could run modern ammo with spitzer bullets.

A lot has changed. The BLR is still produced, but it’s pricey and hunters don’t much care about it any longer. Marlin sank into a sea of bankruptcy when Remington was broken up, but has since been resurrected with its classic models — including the Model 1894 — returning slowly, one at a time. While Marlin was out of commission, Henry took some strides forward, finally introducing a loading gate to most of its models along with expanded chambering options for its most popular guns and new options, like the Homesteaders PCC in 9mm, the box mag-fed Long Ranger line, plus the popular and modernized X Model line.
The company was also showing off its “Lever Action Supreme” rifle at conventions earlier in 2024, a lever gun based on the Long Ranger in .223/5.56 that accepts AR mags of all capacities — but it hasn’t hit gun shops or even the Henry website yet.
Then, here comes Smith & Wesson.
S&W released the Model 1854 as early as it could in one chambering, .44 Magnum. It’s a popular round among lever gun fans (especially since a .44 Mag rifle can also run cheaper and lighter-kicking .44 Specials), but that was it until recently when S&W let loose two new Model 1854 rifles in another lever-gun classic, .45 Colt — one with a traditional walnut stock and another with synthetic furniture.

The range of .45 Colt ammo available is wide, and it’s remained popular among cowboy action shooters because you can load up some light .45 LC loads for competition or hard-hitters that come close to the energy of a .44 Mag.
Currently, there are five Model 1854 options available, the walnut stock and synthetic stock models in .44 Mag and .45 Colt, and the Limited Edition 1854 Series rifle in .44 Mag with a high-grade walnut stock and satin finish. MSRP: $1,279 for the synthetic stock, and $1,399 for the walnut stock.
The not special edition models have a 9-round magazine tube in either chambering. The synthetic version sports a matte stainless receiver and barrel with an optic rail and a rear peep sight and a textured grip and foreend. That polymer forend has an M-LOK slot on either side for accessories or rails. And, most interestingly, it incorporates a feature that was previously distinct to Henry rifles — a removable magazine tube insert.
The gun can be loaded or unloaded via the loading gate on the receiver or by removing the mag tube insert, which contains the mag tube spring and follower. This makes unloading the rifle safer and faster than cycling each round through the action, plus it’s easier on the cartridges. The walnut version is the same, only with no M-LOK slots and a black Armornite finish on the steel. All models have threaded barrels, making them excellent suppressor hosts right out of the box.
Since its release the 1854 Series has already garnered a good reputation as being well-built and reliable, but with a price point over $1,200, they’ve been a little slow to proliferate in the gun world.
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