Beware...
As cartridges became the thing, circa 1870, Colt attempted the .44 Walker power with the .45 Long Colt round. Winchester used the same rim diameter but a narrower body, I suspect to allow for more reliable extraction with more rim. Came out with a .44/40. .44 caliber used a .428 bullet??? Later added the .38/40 using a .40 bullet??? -??-
Point: In settled areas the people wanted a smaller, lighter round/rifle. A reduced size frame was made and in .32/20, using a .310 bullet. .32? ?? Along this line the case was necked down to .25 still using 20 grains of black powder.
Beware! The original rifles were the model 1873's. Some with brass frames. These are not the strongest actions. Adequate for black powder but trouble with smokeless powder. There was a "high velocity" round in .32/20 using an 80 grain bullet and on the boxes in large type it said, "NOT for use in 1873 winchesters."
Model 1892 was designed by John Browning and came out in, surprise, 1892. Again, large frame for .44/40 and smaller frame for .32/20 and .25/20. I am guessing that this is what your wife received but if she got a brass frame 1873!!! MONEY...
Cartridge by todays standards is a "pop gun." Low performance. You do not shoot at any distance without aiming way high..., BUT as said... "fun." You do not take the beating, shoulder or ears, that comes with today's modern rounds. At the same time, the brass is made for these lower levels of performace and reloading is much more delicate... Crushing case shoulders is not that hard. Be very careful with brass just getting more expensive.
Many of the '92s in small frame were converted to .357 Magnum as a rifle for the LEO/cop packing a .357 or .38 Special handgun.
Yes, the cattlemen of the plains used them on deer and everything else. Little light but if you know what you are doing, .22 LR is enough.
I cannot recommend this as a working gun. Value is such that you could sell it for enough to buy several more modern guns. Sentimental value... ??? Cherish it. (I got mine from my grandfather...) Maintain it well and if you have to sell, very good "hard asset" investment. Luck. Happy Trails.