This model was designed by Samuel Colt and referred to in factory advertisements and labels as "New Model Pistols." Only 14,000 were manufactured in .31 caliber compared to 26,000 in .28 caliber. It is believed that this model was specifically designed to compete with Colt's rivals in European markets, but this model was never as popular as the traditional open top Colt percussion revolvers despite its excellent design. This revolver was manufactured in 1862 and falls within the Model 5A range and has that model's standard markings and features other than the London proofmarks on the left side of the barrel and in the cylinder flutes. It comes in a hardwood case with English fitted interior, factory sheet on the inside of the lid with "DIRECTIONS FOR USING/COLT'S PISTOLS, RIFLES, CARBINES, AND SHOT GUNS," green baize lining, Eley Bros. cap tin marked "Made expressly for/COLT'S PT/Belt and Pocket/PISTOLS.," James Dixon & Sons pocket powder flask, L-shaped screwdriver, bullet mold, bore rod, oiler, key, and mix of ball and conical bullets.

Fine overall with 40% plus original blue finish, 50% of the bright original case colors, smooth gray along the back strap, gray and brown patina on the balance, some light spotting, mild edge wear, a chips in the heel, and minor scratches. Mechanically fine. The case is very good with moderate storage type wear in the lining and dark staining on the original mostly intact interior label. The flask is very fine overall and the balance of accessories are very good.