This Model 5 version of the Model 1855 was manufactured in 1863 and has the two-line New York barrel address, a fluted cylinder with patent marking on one of the flutes, "31 CAL" marked on the right side of the frame, and the serial number marked on the butt strap is followed by "IP", which is believed to indicate the special grips and possibly presentation. Customarily, the ivory grips were reserved for the deluxe engraved revolvers. It comes in a fitted case with an eagle pocket flask, UMC cap tin, 6-count .31 caliber cartridge box, some loose balls, "COLTS/PATENT" marked ball/bullet mold, and key. Given their sleek design which departs heavily from the usual Colt percussion revolvers along with their limited production and several production variations, these revolvers have long been popular with collectors.

Fine, retains 60% original blue finish with smooth gray and brown patina on the balance, some of the case colors visible, and defined markings. Grip is very fine with disting edges, and a few minor hairline age cracks. Mechanically fine. The case and accessories are very fine with mild age and storage related wear, including some fading of the interior lining, some contact wear, some light separation on the lid, and some light handling marks on the outside of the case.