The gun functions normally. The pin is retracted until the hammer strikes it, then it flies forward each time. It doesn't look at all sharp though--more like a round ball. The bullets that misfired had very slight indentations from the firing pin.
I recently bought a Ruger Redhawk in like new condition. Serial numbers put it at around 1989 but it's in good shape, seems tight.
I finally got a chance to take it to a range and found it failed to fire about 1 round a cylinder, sometimes 2. I changed ammo and shot both magnums and...