I would guess just under 28,000. I've seen serial numbers in the mid 27,000 range but never one over 28,000. I've seen quite a few without any serial numbers at all on any part, not the frame, sideplate, lower tang, hammer, barrel or anything. They were mostly model 1882 #16 configuration. Most 1882 guns are serial numbered in the second model carbine range as they were made on surplus carbines bought back from the Gov't.

Will, yes the serial numbers started over on the second model. Sporting guns and military guns were all in the same serial sequence. 20,002 second models were delivered on the Gov't contract. Many were never issued and Bannerman bought them new in crates. That's why so many exist in very good condition today.

Fancy sporting models were used by target shooters and were well taken care of over the years until retired. Lower grade guns generally saw harsher usage and are seldom found in the condition of the high grade guns.