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44-40 is a cartridge all its own. Does not shoot 44mag or special.
Nathan, this gun shoots .44-40 Winchester ammo only, which is different from 44 mag & 44 special.
Nathan, no, you cannot fire 44Mag/Special in a 44-40 because the difference is pressure. The 44 Magnum is loaded to a much higher pressure. The 44-40 is an older low pressure round the handgun will not withstand the higher pressures of the 44 mag safely. Cheers and stay safe!
As others have said no not interchangable. As to the second part of your question the "40" in 44-40 refers to the original manufacture of this cartridge in the early 1900s the .44–40 was a ..44 caliber round sitting on 40 grains of black powder manufactured by winchester.