Winchester '73 (1950)

Lin McAdam rides into Dodge City on the fourth of July just as they are about to host a shooting contest. The prize is a perfect one-in-a-thousand Winchester 73 repeating rifle. McAdam finds himself up against his old nemesis Dutch Henry Brown. He wins the rifle but before he can leave town Brown knocks him out cold and takes the rifle. He sets off after him the the rifle changes hands several times. Brown sells it to an Indian trader, Joe Lamont, who loses it to the Indian tribal chief. The rifle changes hands several times before Dutch Henry gets it back, leading to a final confrontation with Lin.

IMDb: https://www.imdb.com/title/tt0043137