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Got the .32-40 Winchester 1894 out today, using some Hornady .321" 170 grain bullets, usually what you would see in a .32 Special, same diameter. Five shot group at 30 yards was pretty good, very mild, shoots like a dream. Going to work up a few more of these tonight and will take the Winchester out deer hunting this weekend.
I got some 165 grain cast bullets in this afternoon from Montana Bullet Works, I will probably work up some handloads for those over the weekend.
That is a fine shooter!
I did look too see if i ever shot jacketed out of my old Marlin & found i used 30-31 with a speer 170 gr.
and it was more accurate than the cast bullet but both did well enough for me
my rifle is is a very similar configuration but is a little newer and has a nickel steel barrel, so my loads are a little on the warmer side for the caliber.
However, about 10 years ago I had worked up some standard velocity loads with some lead bullets I got from Montana bullet works from a mold designed for the 32-40. Those shot really well with 16-18 grains of 5744 powder.