It is most likely a Smith & Wesson .32 Double Action / 4th. Model
239,600 were made between 1883 through 1909. (Serial No. range 43,406 to 282,999). Standard finish was blue or nickel. Came with black hard-rubber grips unless pearl was special ordered. Most common barrel lengths were 3 and 3 1/2 inches - although some were made with 6 - 8 and 10 inch barrels. These were 5-shot revolvers chambered in .32 S&W. Your particular gun was probably made during the early 1900's, as the late 1898 cut-off was at #209,301.
The revolver in the picture posted by "jar" is a .38, but your friend's gun should look very much like it, with a smaller cylinder.