Thst is what I would guess too. The notch in the hammer looks a little shallow to me, along with the sear tip not fitting into the notch as well as the other. A little crispness in fit with the tip a little flatter would likely fix it. I would just send the lock to a companent double gunsmith and have him fix it. Nothing looks worn or broken to the point a real repair is needed.
I have a 20 gauge LC Smith that is suffering the same thing and my solution was to buy an NOS hammer for $25 on Gunbroker. I haven't fixed it yet but my locks look really simple and I have a spring compressor so the work should be pretty simple.
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