I have one of the new 1862 Conversions. Comes with a 6" police barrel only. There may be a 3 1/2" barrel available for it later, but that has been put on a back burner for now. And it does have a safety hammer. The hammer has a striker plate in the face of it that when the trigger is pulled, it pushes forward, like the firing pin on a Uberti Cattleman New Model. The firing pin is spring loaded in the ring. When the trigger is released, the striker plate retracts, allowing the firing pin to retract into the ring. This is a good thing for carrying it fully loaded. Another thing is the arbor is turned down a bit on the end and a rather stout coil spring fits over that rebate and into the barrel lug. I am not positive on the purpose of that spring, but speculate it is to help absorb some of the snappiness of the 380 in the small frame open top.
I note that there is insufficient ratchet to make it a 38 Short Colt. So I set out to figure how I can make it shoot a more vintage caliber like 38 Short Colt. Basically, you turn the rim on a 38 SC down to 0.405" and it will clear the ratchet, but still have enough rim for reloading. Unless you want to ream the chambers to remove the 380 shoulder, you also need to trim the brass to 0.680". I chose not to modify the revolver at all. So I trim the brass. It kind of ends up a "380 Auto Rim" with a 38 Short Colt head stamp. Works like a champ.
Why did I go to all the trouble for the modified brass? 380 ACP in not an allowable cartridge in NCOWS, but 38 Short Colt is. By the trim and rim, I can now shoot properly marked rounds in it for NCOWS, and by not modifying the revolver at all, I can shoot it as designed for other applications.