Ithaca sold a lever action model 72 with very smooth action. Also a 49R repeater - check which yours is. Here is some good comment on Ithaca levers:
"Ithaca produced the Model 49 single-shot levergun, and the 49R repeating levergun. The "R" model was problematic, and Ithaca did not return them to customers who sent them in for service. Both the 49 & the 49R appear to have magazine tubes, but the single-shot's is false. The repeater's inner magazine tube was made of plastic, and would eventually crack apart. Replacements are metal. The 49 & "R" are falling-block type actions.
The replacement for the 49R was the Ithaca Model 72. The 72 was designed by the father of Anthony Imperato (the president of Henry Repeating Arms). The 72 was manufactured in Germany by Erma Werke. Erma also sold a version of the 72. The 72 was available in .22LR & .22 Magnum. The action is of a more traditional type, for a lever action rifle (sliding breechbolt?).
Later, Iver-Johnson sold the old Ithaca 72 as the "Wagon Master". At some point in time, production was moved to the U.S.A. as a cost-cutting measure. Today's Henry H001-series rifle is essentially the same rifle as the Ithaca/ Erma/ Iver-Johnson rifles. The earlier 49 & 49R models are totally different animals from the Erma Werke/Ithaca 72/Iver Johnsen/Henry lever rifle."
If yours is the model 72 it'll have super smooth action but can give problems if fired warm. They have quite thin barrels which can heat up after 5 or so shots and groups will spread out from sub 1" at 50m to 2-4" - sprayed everywhere. I bought the Henry HOO1 - previously Erma Werke/Ithaca/Iver Johnsen and it was hopeless after a few rounds and went back to dealer. Try yours and if its a nice shooter and you're not firing too many bigger groups it could be fine.
The best of the rimfire lever actions are the Marlin 39/39A, the Miroku/Brownings, and my favourite - the beautiful little Winchester 9422. As an afterthought I'd add the fine little Ruger model 96 .22 lever - excellent little hunter rifle with no real weaknesses, and alot better accuracy than the Ruger 10/22 semis.
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