The Rare Colt No.1 “Baby Paterson” pocket revolver,
In 1836, Samuel Colt and gun designer John Pearson introduced the Colt Paterson, the first practical revolver which would serve as a model for all future revolver design. Unlike other revolvers of the day which were awkward pepperboxes and turret pistols, the Colt Paterson featured a cockable hammer and a revolving cylinder that was easy to load all in a lightweight, easy to handle pistol. The Colt Paterson No. 1 was originally chambered for .31 caliber, but shortly after its introduction Colt introduced a pocket model concurrent with the No. 1.
Called the Colt Paterson No.1 Pocket Model, the Colt Baby Paterson was designed to be a more compact and easier to carry version of the regular Paterson revolver. This was done by shrinking the frame, shrinking the barrel to only 2.5 inches, and shortening the handle. It’s caliber was also reduced to .28 caliber. Like other Paterson models, the Baby Paterson features a folding trigger which would drop when the hammer was cocked. Unfortunately the model wasn’t very popular as .28 caliber wasn’t considered powerful enough for practicality. As a result, a few years later a pocket model was introduced in .31 caliber. Only 500 Colt Paterson No. 1 revolvers were ever produced. Today they are the holy grail of gun collectors, and surviving pistols can go for tens or even hundreds of thousands of dollars.