Just inherited my grandpa's 1861 Colt revolver… need help!

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Yes it would be a good idea to have it looked at, as can be seen in your photos there is some barrel misalignment and possible cylinder rubbing on the water table all detract from "perfect" condition.
 
Use coconut oil (I was told Frog's Lube but we've since learned that it's the same stuff but with a anti-coagulant added to it) and scrape away any rust and dirt with a five cent piece (nickel and only a nickel).

Just to be clear ... a US Five Cent coin is an alloy of composed of 75% copper and 25% nickel.
Whether that makes any difference in this case, I don't know.
Now a Canadian Five Cent "Nickel" from 1965 -1981 is 99.9% pure nickel, prior to that it was chrome plated and 99.9% pure nickel and after 1981, the same as the US Five Cent coin and since 1990 to present mostly steel.
So what we call a nickel is not always "nickel" :rolleyes:
 
crash32

That patina is greatly sought after and treasured by collectors. Beyond any historical provenance a gun might have, the patina is typically a visual affirmation that the gun is really as old as it is.
 
Patina, when present, reflects the history of the gun. In general removing the patina makes the piece "less historical". In a more practical sense processes that remove patina can also tend to soften edges, dull down markings and remove whatever bits of original finish might be remaining.
 
Sigsmoker - I did not realize that our nickel was not pure nickel. Thanks. Time to cross the Canadian border and smuggle a U-haul trailer filled with them back (I keeed. I keeed). Anyway, I used to use a piece of brass and then remove the brass rubbing with Hoppe's. Then my teacher told me Frog's Lube and a nickel. Later I learned that Frog's Lube was nothing more than coconut oil with a coloring agent and an anticoagulant.
 
Careful, a lot of our newer dated coins are made from plated steel. The last 10 or so years worth of pennys back when we used them were copper plated steel. You may want to find an older nickel at a coin shop or hope you get one in your change.

Since nickel is magnetic THAT test doesn't help. You'd want to do some searching to find out when, if ever, our nickels went to plated steel.

I understand about the patina and excessive cleaning. But doing nothing at all might be just as bad as using a light coat of oil for now. Find and buy some of that Renaissance wax by all means. But in the meantime a wiping down with a low lint cloth that has a little gun oil or even drug store mineral oil on it would stop any possible "rust measles" that might be forming. If nothing else you've obviously handled the gun. And I'd assume that you used your bare skin. So a wipe down with some sort of light oil that will both clean away the skin oils and acids as well as neutralize any microscopic beginnings of rust seems wise to me.
 
Why does removing the patina devalue the pistol? Is the patina like a badge of honor proving legimate aging?

Howdy Again

Removing the patina simply devalues an antique firearm. Period. Check out any legitimate auction sight, I mean a real brick and mortar gun auction like Julia or Amoskeag, not an online gun auction sight some time. Retaining the original finish will almost always result in higher value. It's just like old coins. When I was a kid used to collect coins, and I learned right away that you NEVER polish up an old coin, you leave all the patina on it.

This can work both ways. I have bought lots of old guns that I knew were refinished, because I could get them a lot cheaper than an old gun that had not been refinished. Removing the patina and refinishing an old gun almost always devalues it.

What you have there is the genuine article. It is a genuine old Colt, and in addition it is a family heirloom. If you could prove that the gun belonged to a famous historical figure, that would increase its value immensely. That is the way the world of antique guns works. If for instance that revolver had belonged to Jesse James, and you could prove it without a doubt, it would then become immensely valuable. As it is, you have a nice family heirloom. If you can document the history of the gun; who bought it, who passed it on to who, then you have a nice heirloom to pass on to your heirs. No, it will not increase the value, unless you can prove it belonged to someone famous, or was involved in a famous event in history. Still, it is nice to have the provenance of a family firearm written down.
 
Thanks a ton guys for all of the valuable input. Needless to say the patina is going to stay on the gun lol.

Working on finding a good gunsmith to take a look at it…..
 
Do you want a "good gunsmith" or a museum conservator? There is a difference in how they look at it and treat it.
 
Looking for someone that has a wealth of knowledge about old percussion Colt pistols. Someone that can tell me more about the gun and let me know what needs to be done if anything.
 
You may want to take it to the Cody Museum.

There are no standards for gunsmiths and no two schools are like. Kinda the same for museum curators. (S)he may specialize in one type of firearm, but may be layman on others.

I would also write the National Firearms Museum. Those guys are very good and I've had their help several times in the past.
 
Anything you do to it will make it lose value. That'd be like finding an all original car that's been sitting for 30 years and putting shiny new wheels on it.. Just keep it as is and lightly oil it. Maybe build a display case for it.

The most i would do is get the screw, just so it looks complete. Take it to a gunsmith, they might have a screw just laying around that will fit. If you want the screw to look old strip the bluing with vinegar then cover it with a paper towel full of lemon juice and salt for a day. Just make sure to tell people the screw is unoriginal if you ever sell it.
 
You want someone who deals regularly with antique guns to look at it.

Look in the phone book or online for auction houses in your area that deal in firearms.

Chose one that will give you a free auction estimate for now and take it in to them personally.

Get several estimates if you can from different auction houses.

Beware the guy who says it is not worth much and then offers to buy it.

An official appraisal in writing may be what you want eventually but they charge if they are putting their reputation on the line.

Gunbroker has a neat advanced search feature that allows you to search for completed auctions of any item so that you can see what collectors are paying there for your type gun but remember that condition varies greatly after 150 years and value with it.
 
Before everyone gets carried away, that is a nice antique, retaining most of its silver plating, but it has been used a lot and not especially well cared for; it is nothing super exceptional. The trigger guard appears to be bent and there is a screw missing. If you do some web searches to get an idea of value, remember that an "asking" price is not a "getting" price. From what I can tell, I would put a value on that gun of about $1200, maybe a bit more, but not a lot.

The 1849 pocket model is one of the most common of the antique Colts, in part because they were not a military revolver (though some soldiers carried them as personal weapons) so weren't subject to the rigors of war. They are fairly often found in very good condition (with prices to match) but ones in average condition are common and not very expensive.

I would consider that Colt a family heirloom with value for that reason; dollar value would be of no importance. Now if you have an ancestor named U.S. Grant
or Robert E. Lee, and he carried that gun in the Civil War, that would be another story!

Jim
 
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