Where abouts did you find that one?
I don't believe iv ever had it before.
It's carried by the Lonesome Drifter. He can be found on the highway just North of Novac (just north of the El Dorado Gas Station to be exact) and he is sitting down next to the Sunset Sarsaparilla Billboard.
If you complete the quest Talent Pool, you can recruit him to sing at The Tops, and if you pass a skill check (either barter or speech; I can't remember) he will give you the Mysterious Magnum. I just killed him in my first playthrough so that I could get the magnum early on.
The magnum itself is a reference to the Mysterious Stranger's .44 magnum, and it has some...special properties. It is hinted at that the Lonesome Drifter's father was the Mysterious Stranger, and that the Stranger passed his gun down to the Drifter.