At the time it was Smith & Wesson's practice to make and serial number frames, and then later draw them out of inventory - in no particular order - to be assembled into complete revolvers. Therefore it is probable that during early 1942 they were at the same time assembling late commercial numbered guns (under 999,999) as well as V numbered ones at the same time. The available records we have today are shipping books as apparently production ones haven't survived. In other words, it can usually be determined when a gun was shipped, but not when it was made, and the two may not be the same.
.38-200 revolvers were originally bought and paid for by the British. When the Lend-Lease law was passed in March 1941 this changed, and Uncle Sam bought and paid for both those destine for U.S. forces as well as those being shipped to other countries (Britain, Canada, South Africa, Australia, New Zeeland, etc.).
U. S. Military contracts were placed for .38-200 revolvers as early as October 1941, although S&W records show .32-200 revolvers with “United States Property” markings being shipped as early as July 1941. These pre-Victory revolvers would have been serial numbered in the original series that started in 1899. It should be remembered that some of them might have been assembled using commercial frames made and stockpiled during the late 1930’s, and can account for an unusually low number on rare occasions.
According to Smith & Wesson historian Roy Jinks, the first V-numbered revolver was made on (or delivered) on April 24, 1942; but this does not signify that the entire supply of earlier frames or undelivered revolvers was exhausted by that date.
If an individual revolver still has its original finish and stocks (stocks should be serial numbered to the gun on the backside of one or both panels), there are other ways to approximately date when it was made:
Commercial bright-blue: Used up to December 4, 1941
Dull “brush blue”: Used from December 1941 to April 10, 1942.
Parkerized finish: Used from April 1942 to the end of the war (1945).
Checkered commercial stocks with nickel-plated trademark medallion: Used until February 1942.
Plain uncheckered walnut stocks with no medallion: Used from November, 1941 (intermixed with commercial stocks) and then exclusively after February 1942.
These dates are for reference, and not cast in stone.