The Colt Paterson was Samuel Colt's first revolver and helped make his name a byword for the revolver, and, though the Paterson venture was short lived and ended in commercial failure, the successful use of the Paterson by men like Samuel Walker and the Texas Rangers established both the revolver as a form and Samuel Colt's reputation and ultimately led to the rebirth of Colt's firearms business in 1847 and his company's immense success in the 19th century. He received his first patent for revolvers in 1835 in England and then the U.S. in 1836 and formed the Patent Arms Manufacturing Company in Paterson, New Jersey, later the same year. Less than 3,000 of his expensive revolvers split among several models and variations were manufactured before the company closed in 1842. The No. 2 and No. 3 Belt Models were manufactured c. 1837-1840 in a shared serial number range, and there is notable variation from example to example. This revolver has a stepped rear of the frame and coordinating stepped top of the back strap rather than the flat style observed on most examples. We have observed this variation on another .34 caliber Belt Model (sn. 698) that also featured the rounded cylinder and a straight grip with a flat butt like this example. The barrel has a German silver blade front sight and is marked "-Patent Arms Mg Co Paterson N.J. Colt's Pt.-" reading from the breech towards the muzzle. The five-shot, square back cylinder is roll engraved with a centaur hunting scene. The following numbers were noted: "709" on the back of both cylinders, "709" and "11" on the key ring, "709" on the back of the barrel lug, "709" on the right side of the front strap and hammer, "709" in the butt mortise of the grip, and blank modern made wedge and back strap.

Fair with 20% of original blue finish, some light original case colors on the frame, mostly smooth gray and brown patina on the balance, distinct markings, some minor oxidation and small patches of mild pitting, a crack in the right side of the frame at the trigger screw, repaired hammer, modification/repair on the trigger, and broken mainspring. The grip is very good and has over half of the period refurbished finish, a few dings and scratches, and minor handling wear.