The 45 Colt, (once called the Long Colt, but no more) is a great cartridge with many followers. The problem is that it has a thicker case near the mouth which does not seal as well as it should with the milder pressures experienced with black powder target loads. This is evident by the black carbon ring on the outside of the case mouth caused by leakage.
44-40 is thinner, therefore more subject to deformed case mouths when ejecting from the lever action. For an experienced handloader, this is no problem, but some are hesitant to shoot brass that has been bent and straightened. The thinner case mouth seals better leading to better accuracy at lower pressures.
I'd say go with 44-40 in an Iron frame rifle.
Bob Anderson
Ordnance Sergeant
Company C, 1st Michigan Volunteer Infantry
Small Arms Committee
"I won't be wronged. I won't be insulted. I won't be laid a hand on.
I don't do these things to other people, and I require the same from them."
- John Wayne in "The Shootist", 1976
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