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Really depends on so many things beyond a clean bill of health. All factory loads are not equal, and some use jacketed bullets I would never shoot in an old Ballard rifle. Also depends on your gunsmith, and how well he knows Ballard rifles. Some are cast actions, and some are forged. If your gun was built up and barreled to .32-40 with a cast action, then not much will be safe in .32-40 with a cast action. Unless the factory loads are cast bullet loads, and you know the velocity of the load, I'd stick with mild cast lead reloads.
If you can post pictures of the gun, and what the rollstamp on the left side reads, plus whether it's two or three lines, it will all help. The vast majority of Ballards with two line rollstamp addresses are forged, and the opposite for three line receivers; they are mostly cast.
 

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here she is.....
Looks like a customized Ballard Randy. I can't blow the picture up enough to see the roll stamp, so can't tell if it's 2 or 3 lines. Appears it may have started life as a Pacific from the lever, but many DST Ballards used the same lever, and I have a couple #2 Ballards and a #3 that also have that lever, so could be most anything. I don't believe that's a nickeled receiver. Most well worn case hardened receivers get a "nickel" appearance as they age over 100 yrs., and I think that's the case with your gun. The forearm and butt stock or both custom, and not Marlin Ballard. The barrel may be a factory barrel, but if it is the serial number would be under the forearm, and removal will determine that. I'd bet it's an after market, since the rest is custom.
 

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Randy, if this Ballard is a two line address (you still haven't said 2 or 3 lines?) you should really take care with any loads! Cast actions were never used for CF rifle calibers, and should not have been barreled in the .32-40 at all. If you're determined to fire it, I would suggest you not use any smokeless, or even duplex loads. Stay with BP only loads or chance cracking that receiver.
 
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