The sale of Remington firearms declined dramatically during the depression. By 1932, losses for the one hundred and sixteen year old company were approaching $1,000,000 per year. Remington Arms Company, Inc., headed by Chairman of the Board Marcellus Hartley Dodge, had little cash for day-to-day operations and practically nothing for product updates or improvements. Dodge searched for a financial partner, and the call was answered by the munitions and chemical giant, DuPont. This was a natural because of Remington's use of sizeable amounts of DuPont gunpowder. On May 24, 1933, DuPont purchased a controlling interest in Remington, and with a much needed influx of cash, product updates at Remington followed almost immediately.

In January 1935, Crawford C. Loomis began design work to improve the Model 24 autoloading rifle. The result of this work was the new Remington Model 241 rifle and the first production guns were shipped in August 1935, only seven months later. The Model 241 was a big brother to the Model 24 (similar to the Model 121's replacement of the Model 12 slide-action .22 rifle). In fact, Remington's earliest advertising stated this to be "a man-sized gun" which was "bigger - heavier - and better" than the Model 24 it replaced. Since this was a "product improvement" to the Model 24 autoloader, royalties continued to be paid to John M. Browning's company.

The barrel on the new Model 121 was longer than its predecessor, the stock and forend were larger, and some internal parts were strengthened to accommodate the newer high-velocity ammunition. The interrupted thread concept was continued, but the Model 241 system was significantly different. It had three raised thread areas as opposed to two on the Model 24. The take-down button was moved from the bottom of the receiver to the left side. According to Remington ads, the take-down system was similar to that in the Remington Model 37 shotgun. It was also very similar to the Charles Barnes designed system used on the Model 16.

In Remington's announcement letter dated June 21, 1935, the following grades and retail prices were listed:

Guns made early in the production run had only MODEL 241 and the serial number stamped on the left side of the receiver. The Speedmaster and the Remington logo were added in 1936. At least one slip-up when the "Master" designation was first added is obvious by the "Gamemaster - Model 141" stamp found on a Model 241 made in June, 1936.

The flat-sided receiver of the Model 241 had a larger surface than the Model 121, so it was the favorite .22 rifle to Remington factory engravers. Serial number 36109 was elaborately engraved by Carl Ennis and presented to C. J. Hoysradt, Regional Promotion Representative for Remington in Akron, Ohio. Another Model 241 was engraved by three different Remington engravers.

Barbera Sporting Goods altered some Model 241s for use at Fort Sam Houston in San Antonio in 1939. The fore end was extended almost to the end of the barrel, a high square front blade sight and a Redfield receiver sight were installed, and a sling strap was added. If encountered, these guns should be easily identified, but they are not true "factory produced military trainers".

From mid-1937 through mid-1939, Remington designers experimented with Routeledge bored barrels and Remington Hi-Speed shot cartridges. Despite successful trials, Remington's Manager of Sales decided on July 11th not to pursue a possible production of these guns.

Remington Model 241 autoloading rifles were popular in shooting galleries in the late 1930s and '40s. Remington supplied these rifles in standard finish (blued barrel and receiver) and in "nickel trim finish" (which included chrome plated receiver and trigger plate) or "full nickel finishâ"(which included chrome plated receiver, trigger plate, barrel and all other exposed metal parts). The Model 241 Gallery Gun was also supplied (if the customer wanted) with a "course" (wide Unotch) rear sight and a screw eye for a counter fastener. Shooting gallery proprietors soon requested shell deflectors like those that were available as an option on the Model 24. Some deflectors were built in the Remington Tool Room in 1939 for certain galleries and for "export orders". Several configurations and various metals were tried, but deflectors were never produced in any significant quantity.

Between 1942 and 1945, Remington supplied a total of 7,658 Model 241 autoloading rifles for the U.S. Government. An unknown number were sold to the U.S. Navy for training in 1944 and "45.

In mid-1944, with the war still raging in Europe and in the Pacific, Remington gun designer Charles H. Barnes invented an improved Model 241 rifle with a sheet metal receiver - to replace the more expensive machined solid steel receiver on production guns. Evidently, this improvement was not adopted, and full production of standard rifles continued after World War II ended.

In January 1951, due to a Korean War shortage of brass, authorization was given to make some Model 241 inner magazine tubes of steel, instead of brass. Approximately 500 steel tubes were made in 1951 for Model 121 and Model 241 rifles.

The Remington Model 241 autoloading .22 was replaced by the Remington Model 550, which had been introduced back in August 1939. The end of the Model 241 was confirmed by an authorization to scrap surviving tooling on January 28, 1955.