It never did, but gunsmiths being gunsmiths and idle hands finding something to do, he had laboriously welded up and recut the ratchet teeth! This is no mean feat: you can ruin the timing with a misplaced stroke of the file and it's slow going to get things right.
Since I had another one (even a malfunctioning .32-20 Colt is addictive: they're quick and accurate, and don't beat you up with recoil, so when a nicely-reblued example showed up, I bought it), I was in no hurry.
It was worth the wait:
|Reblued .32-20, top; restarred, bottom. On gen-u-ine brown canvas duck dungarees, too.
Plus, I admit it, they're just kewl.