S&W Model 432 Review: A .32 H&R Magnum Snubbie

Here we test out the S&W Model 432 in .32 H&R Magnum, an ideal concealed carry revolver setup.

If you’re a frequent reader of this magazine and column, you know I have an affinity for the .32 H&R Magnum and .327 Federal Magnum revolver cartridges. And, in contrast, I’m often perplexed as to why so many shooters cannot seem to grasp the appeal of either cartridge.

The combination does a fantastic job of bridging the gap between the .22 Long Rifle/.22 Magnum and the .38 Special/.357 Magnum. They’re substantially more powerful than the first pair, more comfortable to shoot and offer a higher capacity than the second. So, anytime there’s a new .32 H&R Magnum or .327 revolver, I’m fast to give it a look, which is why as soon as I learned about Lipsey’s Exclusive S&W Model 432 in .32 H&R Magnum I requested one for review.

S&W Model 432 Specs:

Caliber: .32 H&R Magnum
Capacity: 6
Action: Double Action Only
Barrel Length: 1.88 inches
Overall Length: 6.31 inches
Overall Height: 4.3 inches
Overall Width: 1.3 inches
Weight: 16.3 ounces
Sights: Night Sights
MSRP: $759

The Cartridge

The .32 H&R Magnum cartridge is essentially a .32 S&W long cartridge lengthened by 0.155 inch. Additionally, the .32 H&R Magnum is loaded to a maximum average pressure (MAP) of 23,000 psi, as opposed to 15,000 psi. That’s a pressure increase of 53 percent. The result is that the .32 H&R Magnum has an instrumental velocity of 1,020 fps with a 95-grain bullet as opposed to the .32 S&W Long’s 750 fps with a 98-grain bullet.

Another neat feature of the .32 H&R Magnum is that the cartridges are only 0.337 inch in diameter as opposed to 0.379 for the .38 Special. This means that, in most compact revolvers, the cylinder will hold six .32 H&R Magnum cartridges … as opposed to five .38 Specials. Also, a largely unknown fact about .32 H&R Magnum revolvers is that they can chamber and fire .32 Short, .32 Long and even .32 ACP ammunition.

The Revolver

The Smith & Wesson J-frame revolver has been a trusted companion for those wanting a concealable revolver for personal protection for almost 75 years. Recently, S&W announced a partnership with Lipsey’s to offer a Model 432 J-frame with an aluminum frame and chambered for the .32 H&R Magnum. This revolver is only 6.32 inches long and weighs a scant 16.3 ounces. This is a concealed hammer design, so it’s double-action only, but the revolver has some features not commonly seen on factory new J-frame revolvers.

S&W fitted this revolver with XS Sights’ Minimalist Revolver front sight, which features a Tritium vial surrounded with a photoluminescent green ring. This is a highly visible sight in any light, and S&W smartly paired it with a dovetailed U-notch rear sight that has a Novak-like profile. One of the weaknesses of the J-frame has always been the sights, and this fixes that problem.

Also, S&W worked with Lipsey’s and designed a special set of VZ “High Horn” G10 UC “boot” grips that are slim—but also very comfortable. The revolver comes in two finish options: matte black and matte stainless. The barrel is 1.8 inches long, the front edge of the cylinder is beveled, and the charge holes are chamfered. It also has an enhanced trigger and uses titanium pins. The other good news is that this revolver doesn’t have what has become to be known as the “Hillary Hole,” which is an external keyed lock. It retails for $759 … while supplies last.

The Holster

I’m not a fan of pocket carry—not because I think it’s a bad idea, but because it just doesn’t fit my wardrobe and carry/training style. I like a handgun on my strong side just behind my hip bone. That’s how I train with all the handguns I carry concealed, so that’s where I like to wear them, no matter the make or model. When I received the revolver for review, I ordered a Galco Gunleather Concealable Belt Holster ($169) for OWB carry and one of their Royal Guard 2.0 holsters ($212) for IWB carry. Both are very comfortable, easy to draw from and re-holster into, and they make this compact revolver seemingly disappear on my side.

The Load

Though this little revolver will chamber and fire four different cartridges, there’s not a lot of .32 H&R Magnum ammo options to choose from; a major online retailer lists only six loads. So, in the interest of providing potential customers with a complete defensive handgun package, Jason Cloessner of Lipsey’s worked with gun writer Jeff Hoover and Buffalo Bore Ammunition owner Tim Sundles to develop a load specifically for this mini gun.

The problem with low-power, small-caliber handguns is that they tend to not deliver great terminal performance with hollow-point bullets. This is because they lack the velocity and energy to push an upset hollow-point bullet very deep. The answer to this problem is a hardcast bullet with a flat nose, like a wadcutter or semi-wadcutter. These non-deforming, flat-nose, hardcast bullets cut a caliber-size hole in anything they hit, they penetrate extremely deep, and they don’t need to be loaded to extreme pressures or velocities to deliver this kind of performance. There are the same type loads outdoorsmen often choose for bear defense with larger handgun cartridges.

The Load Buffalo Bore ($38.32, per box of 20) created for this revolver uses a 100-grain, hardcast, wadcutter bullet that’s loaded to a standard pressure, and it’s advertised as offering a muzzle velocity of about 900 fps out of the revolver Buffalo Bore designed it for. My testing showed these velocities to be spot-on, and when I fired these loads into blocks of Clear Ballistics, they penetrated more than 2 feet. No, this isn’t the same level of performance you can expect out of a .357 Magnum or even a .327 Federal Magnum, but it will for sure deliver enough penetration—no matter how big and fat your attacker might be—and this is from a little gun that’s easy to carry and that doesn’t have a lot of recoil.

The Package

If you like the idea of a compact, lightweight revolver for concealed carry, and if you want a complete setup that includes the gun, and an IWB and OWB holster, and a good self-defense load, the exclusive S&W 432 in .32 H&R, two Galco holsters and the Buffalo Bore load makes for a complete package.

Wouldn’t it be cool if Lipsey’s would just bundle all those items together in a single box? I doubt that will ever happen, and even though they know my affinity for .32s, and I helped them with their limited edition .327 Single Seven, nobody asked my opinion. So, I’m giving it to you—if you buy the revolver, get at least one of the holsters and the ammo to go with it.

S&W 432 Deals

Smith & Wesson	$759
Guns.com	$778.99

Editor's Note: This article originally appeared in the November 2024 issue of Gun Digest the Magazine.

More On Revolvers:

• .357 Magnum Revolver: Controllable Concealed Carry Options
• Best Concealed Carry Revolvers For Personal Defense
• Fighting Revolver Project: Smith & Wesson Model 586
• Rolling With A .45 ACP Revolver

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