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Actually, Iver Johnson revolvers were of good quality, well made and as reliable as others in their day, and much better made than Lorcins.
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The latch that closed the barrel/cylinder to the frame was an inherently weak design; also the barrel is very thin. You can see this on my old Iver Johnson/US Revolver Corp .32's.
Ok, maybe better than a Lorcin .380 (
I have one of those too, which actually works - just keep plenty of extra extractors on hand) The Iver Johnson .38S&W seems to be a bit more robust. To be fair, the ones I have came in a and old box lot of guns that my mom bought with something else - she didn't want them so she gave them to me. Over the years, I have purchased some parts with the idea of actually getting them working again. The biggest problems are the latch and the bore which is pitted, but looks shootable. I'd really like to get the .38 working - I have all of the parts, but need a stripped frame.