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Hi Steven, yes sir, this will shoot .38 Special as well as .357 magnum. Stay safe & have a great day!

Absolutely will, I have the same Henry myself. Flat shooter. Great lever action. Shooting .38 out of it was almost like shooting .22lr as far as recoil!!

Hi Steven and welcome. Yes, any 357 Magnum firearm can shoot the shorter, less powerful .38 Special ammunition including +P and +P+ no issue. Cheers, stay safe and enjoy!