This early Brownie followed the Original (Improved) Brownie of 1900. It is virtually identical to the earlier model, though about 2mm taller and wider. There were no real improvements over the earlier Brownie; it was renamed the No. 1 simply to differentiate it from the newly-released (1901) No. 2 Brownie, which is larger. The price remained $1.
Curiously, the metal fittings are all finished in 'japanned' matte black rather than the usual nickel. This was clearly done at the factory. Other examples are known to exist. No one seems to know why some were made with black hardware, but given that all the black No. 1 Brownies that I'm aware of came from the UK, this was likely done for export -- though the reason remains unclear.
Two versions of the No. 1, with black and nickel fittings.