This new Winchester model was the same basic design as the Model 1886 and incorporated most of the special features of its action, including the double locking system.
Some of the mechanism was simplified and the component parts were scaled down in size to handle the smaller calibers. This popular rifle was first listed in the July 1892 catalog, and factory records show the first rifle delivered to warehouse on May 3, 1892.
The Model 1892, like its predecessor the 1873, was immensely popular for many years in Australia and the Far East. In South America, the shorter barreled rifles and carbines in the 44-40 Winchester caliber far exceeded all other models in use.
The Model 1892 was the second Winchester to pass the 1,000,000 mark. The millionth Model 92 rifle was engraved and presented to the then-US Secretary of War, Patrick Hurley, on December 17, 1932. A Model 92 carbine was carried by Admiral Robert Peary on his trips to the North Pole.