Iver vas a goot Norvegan boy that was a gunsmith, emigrated to the US, and set up a gun making business in Mass, about 1871. When the company closed in 1993, they had made a few bazillion guns.
While not real high dollar guns, they were well made, and used a transfer bar system for the firing pin (pressure on an uncocked hammer puts NO pressure on firing pin)
DO have a smith check the timing. Modern 32 S&W ammo should be fine (stick w/ round nosed lead) your gun was well after black powder era, and SAAMI on .32 S&W is mild.
By the way, a .32 IJ worked well enough to assasinate President McKinley-
If you have ever heard reference to an "Owl's Head" revolver- that be it. They also made rifles, shotguns, and bicycles.