Samuel Colt's "Paterson" revolvers of the Patent Arms Mfg. Co. in Paterson, New Jersey, are historically significant as they launched his firearms career in the 1830s following his historic February 25, 1836, patent for "a new and useful improvement in fire-arms." They marked the beginning of the mass production of revolving firearms, their adoption on a large scale, and the rise of Samuel Colt as the key figure associated with revolving arms, but the production of Colt's first revolvers were limited, and the business ended in failure less than half a decade after Colt received his historic patent. Only around 850 No. 2 and No. 3 Belt Model "Paterson" revolvers were manufactured in 1837-1840 making them desirable and hard to find for dedicated Colt collectors. Different sources have classified the No. 2 and No. 3 somewhat differently, but the flared grip on this example would categorize it as a No. 3. The barrel has a nickel silver blade front sight and "-Patent Arms M'g Co Paterson, N-J Colt's Pt.-" marked on top. The cylinder has incised lines and a textured band with Colt four-horse head logo and the centaur roll-scene and small circular stops. A notch on the hammer serves as the rear sight. Cocking the hammer drops the folding trigger. Matching serial numbers are on the wedge, back of the barrel lug, rear of the cylinder, cylinder turning ring, trigger, and the right side of the grip straps. It is fitted with a varnished, bonded, two-piece, flared walnut grip.

Fine with 30% plus original blue remaining on the barrel mixed with gray and brown patina, traces of original blue on the cylinder and recoil shield and otherwise mostly even dark gray patina along with mild scrapes and dings, mostly silver-gray patina on the frame and grip frame, some mild pitting, and general mild overall wear. The grip is also fine and has 60% of the original varnish remaining with some spots worn through, minor edge wear, and light scratches and dings. Mechanically excellent.