IT is a swaged, not a cast bullet[projectile].
THE Hi performance 32-20 ammunition of years past was ALWAYS a jacketed bullet[projectile].

The "rifle only" ammo I have seen has always been jacketed. It was an 80gr hollowpoint or 100gr softpoint. It said on the back of the box "Not Safe for 1873 rifles or any handguns". It bent the crane on my Colt Police Positive Special when I fired one in it. I would NOT shoot it in the S&W if it is that. However, I don't believe they have made any of that ammunition since the beginning of WWII.

More recently, they have been making halfjacketed 100gr flatnose, softpoints that is labeled "High-Velocity", but is says "Safe in all rifles and handguns" on the back of the box. That stuff can be used in your handgun. The lead and plated lead "Standard Velocity" factory loads can be used also.

Actually, they have reduced the velocity of 32-20 cartridges between the 1950's and the 1990's. The velocity of the "High-Velocity" cartridges now is very close to where the "Standard Velocity" cartridges were in the 1950's. It used to be Standard Vel = 800fps and High Velocity = 950fps. The latest High Velocity = 850fps. I have not chronoed the REAL High Velocity ones that were unsafe in handguns (I did not get a chrono until years after that ammunition was disposed of).

all i can tell you is this: my pipsqueak 32wcf loads from a 6" smith of about the same vintage as yours, COMPLETELY destroyed Glen Fryxells chronograph!