The 25-20 Winchester Center Fire was developed for the short action of the Winchester Model 1892 lever action rifle. It is the repeating version of the older 25-20 single shot, but is based on the 32-20 necked down. There is a difference in opinion as to when it was actually introduced. Some authorities say 1893, others 1895. In any event, it was quickly adopted by a majority of the gun manufacturers and achieved considerable popularity. Prior to the 22 Hornet and the 218 Bee, the 25-20 WCF was one of the most popular small game and varmint cartridges. It was also advertised as being suitable for deer and similar animals. No doubt it has killed plenty of deer, but it is not a satisfactory big game cartridge by any standard. Today it is universally outlawed for big game hunting. On smaller animals, the 60 grain bullet is quite effective for 100 to 150 yard varmint shooting. The 86 grain soft point or lead bullet does a fine job on rabbit or turkey to 125 yards. A great many rifles were made in this caliber and are still in use by trappers, ranchers and farmers. Under certain conditions, the 25-20 repeater is still a useful small game number. It will probably be around for a good many more years. The 60 grain bullet can't be improved by handloading, but the 86 grain can be stepped up to over 1700 fps. 

This text is based on information from “Cartridges of the World”, Hodgdon reloading manual, the cartridge designer and/or own resources.