Federal Firearms Act of 1981

Federal Firearms Act of 1981 - Amends the Gun Control Act of 1968 to prohibit any person licensed under such Act from manufacturing, selling, delivering, or transferring: (1) any concealable handgun; or (2) any revolver or pistol which fails to meet specified requirements. Exempts from such prohibition handguns which are relics or curios as determined by the Secretary of the Treasury and the use of handguns for research or government use.

Amends the Omnibus Crime Control Act of 1970 to revise and increase the mandatory penalties for using or carrying a firearm during commission of a Federal felony.

Extends the scope of such offense to include displaying or offering to use a firearm or a destructive device.

Increases the additional penalty imposed for such offense to at least ten years' imprisonment for a first offense (currently, one to ten years) and at least 25 years for a second or subsequent offense (currently, two to 25 years).

Extends to first offenders the stipulations, currently applicable only to second offenders, that the court not suspend any sentence, grant probation, or impose concurrent sentences.