At this year’s SHOT Show, Lipsey’s unveiled its new line of EDC wheelguns, including the S&W Model 432UC. Chambered in .32 H&R Magnum, the revolver features a concealed hammer for easier carry. With a history of carrying S&W J-Frames, I knew I had to get some trigger time with this pistol.
Lipsey’s S&W Model 432 UC
My first snub-nose revolver was a Smith & Wesson Model 36 Chiefs Special that I bought back in 1976. It started my long-term affair with J-frame revolvers. Later, in 1989, I found a Model 042 in a Yuma, Arizona gun shop. It was like the concealed hammer Model 42, but without the grip-safety. I bought it. This was a keeper and is in my gun safe to this day.
Later, I obtained a Model 442, and this was my EDC for quite some time. In fact, it cemented my love for this style of wheelgun.
Fast-forward to the 2024 SHOT Show. I’d heard about a Lipsey’s Exclusive S&W J-frame that was debuting. So, I visited the company’s booth to talk with Jason Cloessner, Sr. VP and Product Development Manger at Lipsey’s.
He told me these revolvers had been over a year in development with S&W. Then he escorted me to the display, and one look put a smile on my face.
Lipsey’s Exclusive S&W J-frames
I saw four S&W concealed hammer revolvers, two with a silver finish and two with a black nitride finish. You could pick your finish and then select either a 5-shot .38 Special +P version or a 6-shooter in .32 H&R Magnum.
The .38 Specials were the Model 442 (black) and the Model 642 (silver). However, the .32 Magnums were the Model 432 (black) and Model 632 (silver).
The black revolvers had VZ G10 320 high horn grips, cut even with the bottom of the grip frame. They were a “black/black cherry” color, with black and dull red swirls.
The silver versions have the same type of grips with a gray and white swirl pattern. There’s just enough texturing to give them a secure hold. In addition, the left-side grip panel is relieved for speedloader use.
All four of these revolvers are designated UC for Ultimate Carry. Finish and grip color were the big differences between the four wheelguns. Now, to the commonalities between them.
The Finer Details
According to Lipsey’s, these Ultimate Carry J-Frames have a lightweight aluminum frame. This is combined with an aluminum barrel sleeve with an integral ejector rod shroud. Additionally, on top, there is a slight ramp for the pinned XS Tritium front sight with a green ring.
The 1.875-inch barrel inside the sleeve is stainless steel. The cylinder has a beveled front edge, and the charge holes are chamfered for easy loading. Dovetailed into the top-strap of the frame is a black serrated U-notch rear sight. There’s also a small set-screw in the top of the notch. My guess is that it can be loosened and the sight moved laterally for windage adjustment.
The action geometry and springs are optimized to give the UC a smoother trigger pull. Titanium pins are used in the action, and these are readily seen on the black nitride models. The smooth-faced trigger, which is 0.25 inches wide with rounded edges, provides even more help.
The finishes on these J-Frames have been upgraded with an “Endurance Package” for improved performance and durability. All four models have an empty weight of just 16 oz.
.32 H&R Magnum
Jason asked which of the four UCs I’d like to try out, and I selected the Model 432UC. I’ve used Airweight J-Frame .38 Specials quite a bit but haven’t shot a J-Frame in .32 H&R Magnum in many years. Besides, its cylinder holds six shots instead of five. I have a thing for six-shooters.
The .32 H&R (Harrington & Richardson) Magnum was developed for H&R by Federal Cartridge 40 years ago (1984) for a line of the company’s revolvers. It was a big improvement over the .32 S&W Long cartridge performance-wise. Correspondingly, it was initially offered from Federal with a 95 gr. round-nose, flat-point lead bullet, and an 85 gr. JHP bullet.
Over the years, guns and cartridges of this caliber have come and gone. It’s still hanging on, and these new Lipsey’s Exclusives might just give it a new lease on life.
Ammo Selection
My usual protocol is to use five brands/types of test cartridges in a particular caliber. However, for this article, I elected to use all the .32 H&R Magnum cartridges I could find.
From Black Hills, I chose a Cowboy Action Shooting cartridge with a 90 gr. LFP bullet and an 85 gr. JHP load.
DoubleTap supplied its 60 gr. solid copper HP, plus a new DT Snakeshot load. This cartridge contains 110 pieces of #9 shot over a 40 gr. hard-cast lead wadcutter bullet for a 95 gr. payload. The shot is held in with a copper gas-check crimped into place. Velocity should be about 800 FPS in a 2-inch barrel.
Hornady also supplied its Critical Defense load with an 80 gr. FTX JHP; the nose capped with a red polymer tip.
Lastly, from an outfit new to me, called Lost River Ammunition Co., comes a 100 gr. wadcutter load with a poly-coated lead bullet. Factory velocity is advertised as 850 FPS from a 2-inch barrel.
Holstering the Model 432UC
For a holster, I selected a leather rig from Simply Rugged Holsters. It is appropriately called the “Boomer” for all of us Old School revolver guys. It’s similar to the company’s Silver Dollar Pancake OWB holster. However, forward of the gun bucket is a built-in pouch for a round speedloader or a flat speed-strip, you choose.
This model is only made for 2-3-inch snubbies and is a high-ride, open-top design. It has two 1.75-inch-wide belt slots and comes in black, tan, or oxblood. There’s also a list of options, but I chose the plain, black-colored model.
Owner Rob Leahy tells me that this is the company’s 20th Anniversary. Rob’s a good guy and I use a lot of his products. I paired the holster with a couple of Model 32J speedloaders from HKS.
The Windy Range
Early spring in the Ohio Valley can be challenging, with chilly mornings and blustery afternoons. I had both on range day, with wind gusts up to 30 MPH. This kind of T&E can’t be done on a commercial indoor or outdoor range. So, I did my Lipsey’s S&W Model 432UC T&E on a friend’s farm.
Before the wind got too severe, I set up my Oehler Model 35P chronograph to get some velocity data shooting the .32 H&R Magnum ammo from the sixguns short 1.875-inch barrel. You can see that information in the accompanying cartridge performance table (below). Only one load went over the 1000 FPS mark.
Testing for Accuracy
To get an idea of the gun/ammo accuracy potential, I decided to shoot the Model 432UC from a rudimentary bench using a sandbag rest. Since this is a snub-barrel revolver with fixed sights and a DAO trigger, I limited the shooting distance to 30 feet. The sights on the .32 Magnum UC are factory set for 85 gr. and 100 gr. bullets at 15 yards per Lipsey’s.
I used multi-target sheets that have five 7.5-inch oval bullseyes with an orange aiming center. So, I put the big XS front sight in the middle of the red oval. Point of aim point of impact was good for the most part.
The DoubleTap 60 gr. bullets hit about 5 inches low, and I had to hold high on the targets. I shot three 5-shot groups with each load. Accuracy may have been better if the targets weren’t blowing off the stand and the paper rippling in the wind!
My best 5-shot group at 2.44 inches was made using the Lost River 100 gr. wadcutter load. You can see the results in the performance table (below).
I didn’t try to chronograph that DoubleTap Snakeshot load—I can’t afford to blow up a Sky Screen. I shot a round at a Birchwood Casey Shoot-N-C B-27 Center at 10 feet, and it made a uniform 8-8.75-inch shot pattern. Likewise, the 40 gr. lead disk hit 3.25 inches at 9 o’clock of the center.
The copper gas-check struck 2.25 inches above the X at about 12:30 o’clock. This wouldn’t be a fun round to catch in the face, but it would be good for snakes.
Shooting from Concealed Carry
Next, I put on my Simply Rugged Holster, loaded the S&W and my speedloaders, and set up a realistic human silhouette target. Using the Black Hills “cowboy cartridges,” I shot a 30-round combat course. I had the rig concealed under a hunting vest and the extra speedloader in the right vest pocket.
In all the stages, the revolver was drawn from the holster. Then, after the shooting, a 360° assessment was made before the gun was slowly returned to the leather. Shooting began at 3 yards. Six shots were fired point-shoulder using the strong hand only. Then, a reload was made, and I fired six more shots using the support hand only.
The next stage was 7 yards. Using an isosceles stance, with a two-handed hold and flash sight picture, six shots were fired 2x2x2. After another reload, I stayed at 7 yards and performed a failure or body armor drill.
Using the same stance, I took two shots, center mass and one to the head. I repeated this and then reloaded. Then, I backed up to 12 yards and, using an impromptu barricade, shot two rounds (aimed fire, left-side barricade), two shots (right-side barricade), and two shots (kneeling, right-side barricade).
The target had faint scoring areas and out of 150 possible, I scored 127.
Bullet Expansion Test
I was interested in the .32 H&R Magnum bullet performance from the Model 432UC short barrel. So, I decided to incorporate a bullet expansion/penetration test. Instead of the usual blocks of ballistic gelatin, I elected to use a product called Intruder in a Box.
Literally a box, it is put together to replicate the anatomical properties of the human torso. It contains panels of material simulating skin, muscle, bone, and internal organs layered in the appropriate order. This allows a more realistic platform for bullet testing. It considers the changes in penetration and wound cavitation when a projectile interacts with anatomically accurate simulants.
Inside the Box are nine smaller boxes that hold a lung and organ simulant. As the organ simulants contain water, this is a single-use device. There are nine aiming points printed on the Box exterior, so you get nine shots. You have to shoot straight so your bullets fly true and don’t punch out of the sides, top, or bottom of the Box.
Intruder in a Box Results
This was my final exercise. I put the box on a folding table about 6 feet ahead of my shooting position. I wanted to ensure I had nice straight shots into the box so I could recover all the spent bullets.
It was possible they could penetrate the entire box, but it turns out none did. Almost all my shots hit dead-center in the little red and white bullseyes. The water inside the squishy plastic organ simulants began to leak out of two drain holes I made at the bottom of the box.
I decided to take the Box home and perform the “autopsy” on the back patio. All the .32 H&R Magnum rounds penetrated the “skin,” “muscle,” “bone,” air-filled plastic bag “lung,” and “organ” simulant layers. None made it through “bone” layer two. However, a few made impressive dents or lead smudges.
Penetration was about 12 inches for all of them. I’m used to seeing nice bullet “mushrooms” in bare ballistic gelatin—this was different. The bullets smashed through the first “bone” layer, and some key-holed and flattened on the side. A few had nose deformation.
It looks like shot placement is the most important factor.
And in Conclusion…
I liked the sights on the Lipsey’s S&W Model 432UC. They are great for fast and furious combat shooting, being easy to pickup quickly. However, not so much for paper punching, so no 25-yard bullseye competition.
The VZ G10 grips filled my medium-sized hand and allowed me good rapid-fire capability, soaking up recoil and taming muzzle flip. I had no issues kicking out the empty cases given the tiny ejector rod.
Additionally, the Simply Rugged holster is perfect for concealed carry and worked great, as did the HKS speedloaders.
The trigger pull weight on the UC must have been in the 12–13-pound area. Maybe I should have done the accuracy testing at 21 feet? The groups weren’t anything to brag about. Of course, it will hopefully improve as it breaks in, but I like the light weight, and six-shot capacity.
I was starting to get “J-Frame Thumb,” and wish S&W would redesign that cylinder release latch on these small guns.
Lastly, I thought it had good natural pointing qualities, and with the low recoil of the .32 Magnum loads, it was quick firing. Overall, I think these Lipsey’s Exclusive UC J-Frames might just spur better load development for the .32 H&R Magnum.
For more information, please visit Lipseys.com, Smith-Wesson.com, SimplyRugged.com, HKSSpeedLoaders.com.
Lipsey’s S&W Model 432UP Specifications
| Mechanism | Double action only revolver |
| Caliber | .32 H&R Magnum, .32 S&W Long, .32 S&W |
| Capacity | 6 cartridges |
| Barrel | 1.875 in. |
| Overall Length | 6.31 in. |
| Empty Weight | 16 oz. |
| Sights | XS tritium front sight, serrated U-notch rear sight |
| Finish | Black nitride |
| Stocks | VZ G120 UC High Horn Boot Grip |
| MSRP | $759.00 |
Performance
| Cartridge | Ave. Velocity | Best Group | Ave. Group | Muzzle Energy |
| Black Hills 85 gr. JHP | 933 FPS | 3.08” | 3.21” | 164 FPE |
| Black Hills 90 gr. LFP | 847 FPS | 2.58” | 3.19” | 143 FPE |
| Doubletap 60 gr. DT-HP | 1047 FPS | 2.91” | 3.51” | 146 FPE |
| Hornady Critical Defense 80 gr. FTX | 941 FPS | 3.28” | 3.43” | 157 FPE |
| Lost River 100 gr. Poly-coated WC | 796 FPS | 2.44” | 3.03” | 141 FPE |
NOTE: Bullet weight measured in grains, velocity in feet per second 10 ft. from the muzzle by an Oehler Model 35P chronograph, FPE (Foot Pounds Muzzle Energy)and accuracy in inches for three 5-shot groups at 30 feet.
