I have a ca 1901 Sauer/V L & d Knock About that appears to have the same basic action. If so this s a back action lock, which it appears to be in the picture. The sear is mounted vertically on the plate & hinges in the middle. The sear notch on the hammer is on the outer periphery of the hammer giving the best possible purchase, ie farthest possible from the axle. Overall an extremely good design in my opinion.

The Knock About is of course nowhere near this Fancy.

Miller/TN
I Didn't Say Everything I Said, Yogi Berra