I spent another few hours in the armouries yesterday, and a good amount of time in front of this particular piece. I remembered to bring a notebook this time so I could record some observances I made.
From the card:
"Wheellock Pistol
Hungarian or Italian, about 1530
XII.1765"
Unfortunately, due to copyright restrictions I can't post any of the pictures I took. I haven't found any pictures of the pistol online, so I will do my best to describe.
The first thing I noticed this time around is that the wheel has a large oval hole punched right through it. The pan cover swings away like a matchlock pan cover, and under the pan, connected by the same pin, is a rounded hook. When the wheel is spanned and the pan closed this hook sits in the hole in the wheel. As the wheel spins the edge of the hole strikes the hook, swinging open the pan and allowing the dog to fall. I've never seen an arrangement like this, it's very interesting and certainly simpler from a construction standpoint than the cam striking a lever.
As for the sear, according to the Armouries publication on their wheellocks, there is none! It says the trigger acts directly on the wheel's axle. There is a long spring on the inside of the lockplate that I can see pushes up on the trigger. If the flat of the trigger is pressing against the flat of the wheel axle, that could keep it spanned, but would mean a) the trigger spring must be quite powerful and the trigger hard to pull and b) the mainspring is much less powerful than it looks.
This is a not very good MS Pain(t) drawing of what I'm talking about.
This is one possibility, the other I thought of is that the trigger bar has a slight extension on the end to catch the axle. I won't know until I can take a closer look or talk to someone who has.
Cheers,
Nick