Quoted:
I'm looking into getting a lever action, and some use 44-40. I'm unfamiliar with this ammo, but I do see it's more expensive than 45 Colt.
Is it a black powder only ammo?
Would you recommend it over 45 Colt?
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I own firearms in both calibers and reload for both calibers. If you think you'll
ever get into black powder, by all means get a 44-40, otherwise get the 45 Colt. The thin 44-40 cases tends to seal chamber walls better keeping more of the black powder fouling inside the barrel of the firearm, while 45 Colt brass, being thicker, doesn't seal the walls of the chamber and tends to create messes when loaded with black powder.
As I said, I load both and really one is no more difficult than the other. The 45 Colt is a straight wall case, so sizing dies are made in carbide meaning the brass doesn't have to be lubed before sizing. The 44-40 is a bottleneck case, so sizing dies aren't made in carbide and the cases requires a very negligible amount of case lube prior to sizing (I lightly lube about every fifth case), but being a bottleneck case, it is much easier to line up in the sizing die. That is, the mouth of the case is smaller in diameter then the opening in the base of the sizing die. As far as crushing cases, I've been loading 38-40 and 44-40 for quite some time now and have had zero problems crushing cases.
45 Colt is overall a few cents per round cheaper than the 44-40, but in my opinion, not enough to matter, especially if the uniqueness of the 44-40 appeals to you at all.
One last thing, if you're looking at one of the toggle link type, straight feeding lever rifles (1860 Henry, 1866 or 1873 Uberti replicas) the 44-40 will feed much more smoothly than the 45 Colt for the same reason it enters a loading die more easily.
The most important thing is to post pictures once you make your choice!