Franzite made replacement grips from the 1930's until about the 1960's. Their grips were in a variety of colors, but I never saw red ones like yours. Most Franzite grips used a medallion with their logo in it, but the size was such that one could most likely replace it with Colt Medallions. If Franzite did make them, they would have that name on the reverse side.
No matter the source, your red grips sure 'stand out.' The screw and the nut sure appear to be Colt-like.
These grips came from the estate of my late friend and advanced Colt collector John Wills. Over two decades ago when he got them he told me there were Colt but sorry to say I forgot the story. Colt's are not my thing but I would like to know more about them.
Not that this is very likely, but the FBI used red grips on non-functioning revolvers for training at the FBI Academy.
The FBI did issue Colt Official Police revolvers at one time.
The training guns usually had wood grips painted red, but possibly......???????
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