Rare Colt Belt Model Paterson No. 2 Revolver partially manufactured by Colt and completed by John Ehlers circa 1840. This revolver is referred to as either the Paterson Improved Model No.2 revolver or the Ehlers Fifth Model revolver. The distinctive features of this Paterson No.2/Fifth Model Ehlers revolver includes: (1) 11-groove barrel with attached loading lever, (2) capping channel in the recoil shield and (3) 1 1/16-inch, five shot, cylinder with rounded rear. The cylinder has ratcheted teeth on the back that directly engage the hand. The hammer has coarse knurling on the spur. The loading lever is secured by a dovetail mounted spring on the underside of the barrel. The top of the barrel is roll-stamped: "- Patent Arms Paterson N-J Colt's Pt -" in one line with a double arrow at either end of the legend. The marking lacks the "M'g Co" found on Colt Paterson revolvers and has a space where the marking was removed from the die. The cylinder is roll-engraved with the Centaur scene and "COLT" in four-horse-head motif. The serial number, "181", is stamped on: (1) the bottom of the wedge, (2) the lower face of the barrel lug, (3) between the chambers on the rear face of the cylinder and (4) the inside of the frame. All of the visible serial numbers match. The barrel, cylinder, frame and back strap originally had a high polish blue finish and the hammer and loading lever were color casehardened. The straight shoulder walnut grips had a high polish 'piano' finish. John Ehlers was a stockholder and officer of the Patent Arms Manufacturing Company who assumed control after the company declared bankruptcy. When Ehler's took over the company in 1840 he completed approximately 500 unfinished Paterson No. 1 and No.2 Pocket Model and Belt Model revolvers between 1840 and 1843.

About good. The revolver has a dark patina with high-point wear on the edges of the barrel and frame. The metal surfaces are generally smooth with scattered light scratches and some very light pitting. The barrel has strong rifling and the legend on the top barrel flat is fully legible. The cylinder has moderate flash pitting on the front and rear face and percussion nipples. The delicate roll-engraved Centaur scene is faint but fully visible. The revarnished two-piece walnut grips are in good condition and retain about 40% of the original varnish finish. The action is fully functional, This is a rare and very desirable example of a Colt belt Model Paterson No. 2 revolver with the improvements made by John Ehlers during his operation of the Patent Arms Manufacturing Company.