Red Ryder

The Red Ryder is a firearm which can only be obtained by opening Presents during Christmas. Functionally, it is very similar to the Musket, although it does significantly less damage. Despite being uncommon, it can be obtained by killing any enemies, and is therefore an excellent way to get the Arms Dealer early on in the game, which then allows the player to purchase powerful weapons and ammunition before going to the Corruption or Crimson. Once you obtain the gun from a present, some Musket Balls will come with it.

Trivia

 * The Red Ryder is a reference to a real-life model of BB gun which is referred to in A Christmas Story, hence the tooltip, which refers to the most repeated quote in the story, "Don't shoot your eye out!"
 * The Red Ryder, Shotgun, Uzi and Musket are the only four specifically named real-life firearms in Terraria.