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Of course there are many, many exceptions to the vague "50-year rule". Such as the pre-1965 1911, Hi-Power, P08, P1/P38, S&W/Colt revolvers, AR-15, and many other still viable handguns and long guns. Many of these firearms are of very special interest to collectors but still can fire popular ammunition and perform quite admirably.
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As Jim K stated, any gun that is 50 or older is now considered a C&R, regardless of whether it still chambers modern ammo or not. Thus, by BATF rules, it is possible to now have that Smith that was made in 1964 as a C&R, but you will have to wait until next year to get its younger brother that was made in '65.
20 years from now (if we are still allowed to own firearms) some Glocks will become C&Rs.
