There are four recognized versions of the H&R Hunter Model. The first is based upon the Trapper Model which was based upon the H&R Model 1906 small solid frame, 7 shot .22rf revolver,and has a 10" ROUND barrel with "semi Patridge (squared off rear)" type front sight. The 2nd Version has a 10" OCTAGONAL barrel with a half round front sight. Both versions have a milled "gutter" type fixed rear sight. Production of these versions was circa 1926 to 1929. The 3rd Version is based upon the H&R Model 922, large solid frame 9 shot revolver, has a 10" round barrel with 1/2 round front sight blade and raised, milled rear fixed sight - catalogued from circa 1929-1939. The 4th version appears to have been an attempt to use up in-stock, 2nd Ver. marked frames - fitting them with a 2.5" barrels - not many of these are seen in the market. All versions have a polished blue finish and checkered walnut grips - the 1st, 2nd and 4th have two piece panels; the 3rd a one piece stock fitted to the "RICE" type (bird's head shaped) grip frame.
All versions/variations are some what scarce and current retail values run up to around $475 (1st, 2nd) in excellent condition to $195 in fair and $565 (3rd) in excellent to $225 in fair. I don't have pricing on the 4th version (2.5" barrel) as I've never seen one nor seen one sold.
Looks like your piece is a 2nd Version, and depending upon condition and what your friend owed you - may have been a good deal.
Here's a pic of pieces in my collection:
IMG_0386.jpg