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It’s definitely been used. The grip is in decent shape so I don’t think anyone used it for a hammer but I also suspect that it’s never seen the inside of a holster.

Heh, little more than ‘used’ there; that's some pretty severe pitting and looks to have been ‘cleaned’ more than a couple times with abrasives. Looks to have zero percent original finish, assuming all the mechanics work and everything is tight, you're talking about a gun that wholesales for $50 and retails for $100 (I'd mark it at $150 and give someone a great deal on it.)

If the bore is in decent shape, it's likely a shooter, 7mm pinfire, belgium proofs, IIRC 1880’s from the marks, antique & curio exempt both from age and pinfire cartridge. Last time I saw the rounds for sale, they were asking about $20 for 5.

Best use for something like that is shadowbox it into a case with some old playing cards and chips and a good gambler photo and you'd probably get $350 for it, $500 at a good venue (western show, rodeo, etc.)