This revolver was manufactured in 1848 and falls into the reported 2001 to 3000 serial number range for the "Walker Replacement Dragoons" identified by researcher John J. Fluck in 1956. He estimated 300 were made to replace the Walker revolvers that had failed and indicated they were made for the U.S. military using original Walker parts and reworked parts. They are also known as "pre-First Model Dragoons" and "Second Contract Dragoons" and are among the rarest of the roughly 19,000 Colt Dragoon revolvers. More recent research by Dick Salzer, David Basnet, G. Maxwell Longfield, and others has changed our understanding of this model and shown that they were not replacements for broken Walkers or made from recycled or repaired Walker components as Fluck had theorized. In "Debunking the Fluck Myth: Colt Legends Die Hard" by Salzer for the American Society of Arms Collectors in 2019, the author notes that these revolvers are actually the first Dragoons sold to the government, and "The obvious conclusion is that Colt, for reasons of completeness perhaps, chose to number the guns made for the second government contract in a closed, out-of-sequence series, beginning with 2001 and continuing to 3000. That left him with a gap in his civilian production between 1340 and 2000 which he subsequently filled with later production guns." The revolver has the distinctive First Model style oval cylinder stops and brass square-back trigger guard. The top of the barrel flat has a nickel-silver blade front sight and is marked "ADDRESS SAMl COLT, NEW-YORK CITY" reading from the breech to the muzzle with the first few letters removed where the period dovetailed rear sight resides. "COLT'S/PATENT/U.S." is marked on the left of the frame. The cylinder is has the Indian and Texas Rangers battle scene and remnants of "MODEL U.S.M.R./COLT'S PATENT". The complete matching serial number is marked on the barrel, frame, cylinder, trigger guard, and butt. Unnumbered cylinder pin. The period replacement wedge is numbered "285", and the period replacement loading lever is numbered "421".

Very good, retains 40% period blue finish with smooth gray and brown patina on the balance and scattered patches of light to mild pitting, a faintly visible cylinder scene and otherwise defined markings in the metal. Period added dovetailed rear sight on top of the barrel. The refinished grip is good with mild general overall wear and scattered scratches. Mechanically fine. Dragoons are important to collectors of antique American revolvers in general, and collectors of Colts in particular as one of Samuel Colt's large "holster pistols" descended from the famous Colt Walker.