This revolver is accompanied by a letter from author and Colt Single Action Army expert John A. Kopec. The revolver has the 'pinch-frame' found only on early single action revolvers below serial number 200. The left side of the frame is roll-stamped with 'two-date-in-two line' patent marking followed by a "U.S." property mark. The Kopec letter states: "The small "U.S." on the left frame flat was applied by Colt in anticipation of the U.S. government contract". It is theorized that all these early frame or parts that depicted some form of "U.S." were marked by Colt in anticipation of the U.S. military contract or contract over runs that were used in assembling civilian pistols during this time frame. This makes sense as in any case, when the military adopts a new handgun, Colt was always strapped with being able to supply the demands for both commercial and Military contract pistols at the same time, so nothing was ever destroyed or not used. The top of the barrel is roll-stamped with the scrip address: "+ COLT'S PT. F.A. MFG. Co. HARTFORD, CT. U.S.A.+". A small Colt inspection marks is located directly behind the ejector housing stud. "45 CAL" is stamped on the left shoulder of the trigger guard. An "O" Colt inspection mark is stamped in the hammer well above the firing pin hole. The loading gate is marked with the assembly number "27". The serial number "154" is located on the underside of the barrel, on the bottom of the frame, trigger guard and back strap; on the rear face of the cylinder and in the back strap channel of the grip. All of the serial numbers match. The barrel has the German silver front sight blade only fitted to very early, commercial production, Single Action Revolvers. The ejector housing is the first pattern ejector housing with pressed steel stud and a 'bulls-eye' ejector rod head. The hammer has a bordered, knurled spur. The one-piece, walnut grips have a high gloss, varnished finish. The letter from John A. Kopec states: "It is my opinion that this is a genuine "Pinched frame" revolver… The nickel finish on this revolver was probably applied just prior to shipping to Schuyler, Hartley & Graham on their request for a nickeled revolver. There does not appear to be any indication of a re-nickel applied, but this finish was applied onto an already completed revolver. The Kopec letter further states: "It represents the highest recorded example of a "Pinched frame" Colt Single Action. The "pinched" area of the sighting groove differs from most known "Pinched frame" revolvers and it is believed to be a transitional trait as this revolver was undoubtedly within the last of "Pinched Framed" revolvers manufactured."

Very fine. The revolver retains approximately 80% of the nickel-plated finish. There is finish loss on the front edge of the barrel, ejector housing, the front half of the cylinder, trigger guard, grip strap and the sides of the frame, left recoil shield and loading gate. The nickel finish on the sides of the hammer has some minor flaking. The barrel frame and serial numbers markings are sharp. The grip retains about 90% of the varnish finish with an old repair that consists of 1/4 inch round walnut plug in both sides of the grip. Kopec's letter concludes "We believe that this revolver truly represents a unique segment in collecting the Colt Single Action revolvers. It speaks from a time when the production of this most famous of all revolvers was in its infancy and its physical characteristics clearly show the early features so cherished by today's collectors."