Manufactured in 1848, this revolver falls into the reported 2,001 to 3,000 serial number range for the Walker Replacement Dragoons first identified by researcher John J. Fluck in 1956. Estimates for the total production of these revolvers are as low as 300 but the total is likely closer to 1,000. They are also known as "pre-First Model Dragoons" or "Second Contract Dragoons" and were designed to replace Walker revolvers that failed while in use by the U.S. military using original Walker parts and reworked parts. The revolver has the distinctive First Model style oval cylinder stops and brass square back trigger guard. The top of the barrel flat is marked "ADDRESS SAMl COLT, NEW-YORK CITY" reading from the breech to the muzzle. "COLT'S/PATENT/U.S." marked on the left of the frame. The cylinder is recut with the roll engraved Indian and Rangers battle scene and "MODEL U.S.M.R./COLT'S PATENT". There is a small "P" inspection mark stamped on the top of the back strap and on the upper left side of the barrel. The complete matching serial number is marked on the barrel, frame, cylinder (re-stamped), trigger guard, back strap, wedge, and arbor pin. The replacement loading lever is numbered "118". Blade front and hammer notch rear sights. The frame was casehardened, the grip frame silver plated and the remaining metal surfaces were blue finished . Fitted with a smooth one-piece walnut grip with a visible cartouche on the bottom of the left panel and faint remnants of a cartouche on the bottom of the right panel.

Fair with smooth gray patina on the iron surfaces, and scattered patches of moderate pitting. Shaved, renumbered, replacement cylinder with recut scene and artificial aging. Brass displays bright as lightly cleaned. Grip is also fair as sanded and re-oiled with general overall wear, and scattered scratches and dents. Mechanically excellent.