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Modern .32-20 hunting ammo is usually tailored for Winchester Model 1892 rifles, which are much stronger than S&W .32-20HEs.
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Modern 32-20 ammo is loaded to accomodate the numerous 32-20 handguns ( S&W, Colt, Iver Johnson, H&R, etc) made during the early 20th century. It is typically loaded with an 80 gr semi-jacketed or 100 gr lead bullet. The 100 gr is typically touted as a rifle load, but is in fact loaded to safe pressures for handguns. I used to own a Colt New Army in 32-20 and fired factory ammo and factory equivalent loads in it, and I always thought is was a really neat revolver.
32-20 ammunition
used to be made in 2 load strengths for rifles and pistols, but since people insisted on stuffing rifle loads into pistols "to see how it shoots" or because "it's the same cartridge", ammunition makers switched to making one load for both.