Introduced in 1884, the .32-40 Winchester was developed as a black powder match-grade round for the Ballard single-shot Union Hill Nos.

[2] Using a 165-grain (10.7 g) bullet and 40 grains (2.6 g) of black powder (muzzle velocity 1,440 ft/s (440 m/s), muzzle energy 760 ft⋅lbf (1,030 J)), the factory load gained a reputation for fine accuracy, with a midrange trajectory of 11 inches (28 cm) at 200 yd (180 m).

[4] More recently, the .32-40 Winchester in a Model 1894 built in 1905 was successfully used by John Royer, from Pennsylvania, to show that it can still be used on whitetail deer at close range.

Its common muzzle energy of less than 800 ft⋅lbf (1,100 J) is equal only to current 150 gr (9.7 g) and 170 gr (11 g) grain flat nose or round nose loadings of the .30-30 Winchester (in a 20 in (510 mm) barrel) at about 200 yd (180 m), which is often considered to be the maximum range of the .30-30 Winchester.

The bullet was a handloaded 170 grain Hornady Jacketed soft point.