Winchester Repeating Arms Company. Herb Houze
variations and differences can cause great fluctuations in values. In no other specialty are these nuances more evident than with Colts; it is well worth understanding and learning these subtle distinctions as they could make quite a difference in values.
Generally speaking “condition” is the key word in Colt collecting and Colt prices. Seemingly minor differences in condition often cause considerable variance in price. The earlier the gun and the rarer the model, the more this price difference becomes apparent with changes in condition. The percentage of original finish remaining on the gun is extremely important. The condition of that finish—that is, whether it is bright and untouched looking or has been dulled and worn—is equally important. Like acquiring a taste for fine wine, a well-turned ankle or good horse flesh, the talent for judging finish is an acquired one and likely mastered with considerable more ease!
This Colt section lists in chronological order of manufacture every Colt model made from the first Paterson, New Jersey, product to the early double action revolvers and automatics at the turn of the century. The cut-off point was arbitrarily chosen for the models generally considered by the collecting field as the “antique” types. It can be accurately stated that all Colts have a collectibility; most certainly those in which production has ceased. As quite a few such arms fall in the area considered “modern,” they were not felt suitable for inclusion in this work. An attempt has been made to include every so-called standard or major variation of each model manufactured; however, the reader should take note that the mere fact that a variation he might encounter does not appear within this listing does not necessarily mean that said item is great or rare. It should, though, immediately indicate that further research on that piece is worthwhile—the specimen may very well be worth considerably in excess of the standard type found listed.
Rare Colt variations do show up (most, but not all have been listed in the known reference works) and they can be encountered on almost any model in a wide array of features. Those most obvious are odd barrel lengths or calibers, unusual non-standard markings and possibly even basic changes in contour, most especially in the grip area. At this point a further caution must be stated—do not jump to conclusions! The fact that a piece differs from standard does not necessarily mean that it is original! In the 75 to 160 years that the gun might have been in existence, much could have happened after having left the factory; some changes strictly to satisfy the whims of those who used it. Many interesting alterations were made by competent gunsmiths during the period of use; these have acquired an air of originality through the years. When such alterations prove to be non-factory in origin, they generally do not enhance the value of the gun and might very well detract from it. The possibility is ever present too that some latter-day mechanic with larceny in his soul has “improved” the piece merely to catch the unsuspecting collector. When encountering unusual variations, your own common sense and better judgment will have to take precedence.
Variations are quite difficult to evaluate, especially when they are one-of-a-kind. Such features as unique or extra long or extra short original barrel lengths, or major contour changes might be considered important variations and may very well alter the value anywhere from double to five times normal value or possibly more. Such factors as general condition of the gun, its model and period, must all be taken into account and analyzed in pricing these variations. A very minor, uninteresting variation might only slightly (if at all) affect the price of a very late 19th century cartridge Colt revolver, whereas the same variation encountered on an early single action Colt or percussion revolver could very well double the price. Each must be taken on its own merits and a little detective work must be performed to establish precedence of other similar specimens or pieces of similar importance that have been sold in the past. There is considerable room for enhancing values on such a piece, but it requires effort on the part of the reader to find out just how much!
The most basic check point to be made on an antique Colt is the serial number. On all the percussion revolvers—and on a great many of the later cartridge types—all the major component parts should bear matching serial numbers. On most percussion specimens this check is very simply made by quickly scanning the piece to verify if numbers are all matching. If they do not, this doesn’t make the gun any less of a collector’s item, but that fact does make it less valuable. An antique Colt Model 1860 revolver used in the Civil War and now with mismatching numbers on some parts (for instance, the barrel number does not match that of the rest of the gun), is still a genuine Civil War military used revolver that very likely was reassembled in the field during the heat of combat (for the parts were interchangeable) with no thought given to the collector’s value 140 years hence! The gun is just as romantic as one with matched numbers and may even have some known history attached to it, but from the collector’s point of view and the dollars to be placed on it, it just cannot bring what the matched number revolver does. Depending on the condition and quality of it, price can fall anywhere from 10 percent to 50 percent of the matched number specimen.
A further word about numbers. On minor parts such as the barrel wedge, if unnumbered or mismatched, the price is rarely affected. There are some purists who will not want that gun with the mismatched wedge number in their collection and it might be slightly more difficult to sell, but its value is the same whether the number matches or not. A mismatched number on a loading lever will most definitely detract from the value, but if the condition matches the gun, the mismatched number will probably affect it only 10 percent or less. A mismatched number on any other major piece is serious as far as value is concerned. It will be found that sometimes collectors blink their eyes at a mismatched number—almost as if it did not exist. This is true only on a superlative specimen that might be mint or about mint condition. If that mismatched number appears on a major part, yet the part matches in condition, it will be found that the mint or near mint gun will still fetch just about (though not quite as much) as the matched number specimen. This seems to occur only on pieces in superlative condition, but again, there is a definite sales resistance to them on the part of many collectors. The only other major numbering error that does seem to occasionally occur and which has a valid background, is a transposed digit. Colts were all hand-numbered with individual die stamps for each digit and human errors did occur. For instance a Colt Model 1851 Navy with all matching numbers 5432 has a serial number on the cylinder stamped 5423. It may be taken for granted (especially if the condition of the cylinder matches that of the rest of the gun) that this was merely a defect caused by a workman transposing the two last digits when he hand-stamped the dies. It has been the author’s experience that such single transposed numbers might embitter a few purists who would turn up their noses at such a piece, but the majority of collectors would gladly accept the gun and pay exactly the same for it as other matched number pieces. A further tip on inspecting numbers—and worth mention in passing: occasionally renumbered guns will be encountered; that is, a piece with a mismatched number which somewhere along the line has been “improved” by matching the number again. The mismatched number had been ground off and then the piece was die stamped with new numbers matching the existing numbers. In almost every example encountered, it is near impossible to match dies perfectly to the existing numbers on the gun. If suspicious, examine the numbers with a magnifying glass. In almost every instance the dies used to stamp the suspicious numbers will not match identically with those of the Colt factory dies; chances are the gun part was spuriously altered.
Original blue finish, as previously mentioned, is a key factor in determining the value of a Colt. To easily outline a simple formula on how to tell original blue finish from reblued is somewhat like trying to describe the color red! For a starter it would be best to compare a known fine original blued Colt with a reblued one. Your eyes should immediately pick up just that right color tone which is Colt’s and no one else’s. It doesn’t take long to acquire the knack of it; just a little care and patience. Original Colt finishes are quite distinctive—especially on antique pieces—and rarely, if ever, have they been accurately duplicated by present-day methods. There are, of course, other dead giveaways to tell if the gun has been refinished. Such material has been covered in the introductory chapters to this book and the reader is referred to them.
A Colt that is sometimes observed and easy to spot as refinished is the piece that has apparently much “original” finish including bluing on the cylinder, yet no cylinder engraved scene remains. A classic excuse is “… It must have been