Looks like a way-above-average original 38-40 Bisley! It got a few rust spots, and maybe a stuck rag mark just above the frame number. But still a very nice gun.

 

Do not go aggressive with cleaning or you will devalue the collectors value. Oil only.

 

Yeah! A few discolored spots here and there does not detract from all of that beautiful original finish. All of my guns have discolored spots in one form or another.

 

That is in NRA Very Good or even Fine condition for an Antique gun, which means its valuable. Value is subjective and relative. A found gold nugget at 2.3 oz is valuable. So is this but not as much. More like about .8 oz of gold at the current spot price. It's a good find and condition anyone would be very happy to own.

 

Since it's always difficult to elicit "value" responses, I'll start and see if other folks will chime in.
I would value that rarity at $5,000.

J.

 

Too high with the rust and a pre-smokeless, no VP gun.

 

Colt indicates it’s a 1902 vintage. Desirable cal. NRA 'Very Good’ to ‘Fine. Having several rust spots and/or pitting, I place it a t $3,000. -$3,500. $4,000 is possible but not likely…all IMHO.

 

I would agree with $3,000 to $3,500 and up to $4000 on the right day. My only 1st Gen is a very similar 1902 Bisley 32-20 with 4 3/4" barrel. I paid $2300 for it several years ago and have been offered $3000 but I don't want to sell.

 

Thanks for the feedback all! Should I pursue getting a letter from Colt on this? Never done before so not sure if worthwhile. Thanks again!

 

Up to each individual - I get a letter on every first gen just because. Most likely it'll be boring and show a large shipping destination but, you never know.

 

The gun has been stored in a drawer in an old sock for the past 50+ years. Is there any particular kind of gun oil best to use? Also, would I need to disassemble the gun to apply oil everywhere, or just apply to the outside? Thanks!

 

That revolver likely didn't see much use or abuse, and the risk of damaging screwheads isn't worth anything gained by breaking down that 120+ year old Colt beyond removing the grips..I generally spray some Ballistol where I can reach internally and be done with it unless there's some active red rust visible..Some of us love to take things apart and others prefer not to risk stirring up a problem where none existed previously. .It's a pretty Bisley

 

Good question, here is what to do. Carefully remove the screw holding the rubber grips, set them aside after wiping the back of them of any old oil. Get some CLP Breakfree from Walmart or such. Get the type that comes in an aresol can. Spray liberally with the gun in a small tupperware or ziplock bag. Use the red hose attachment to spray the inside under where the grips are, down where the hammer recess is when cocked, etc. That usually will suffice. Let the CLP soak on the outside too, heavy. Why CLP Breakfree? Because it is made to Clean, Lube, Protect, and because it's thin enough to soak into places like a penetrating oil, but not so thin it won't lubricate, like Kroil. It has excellent corrosion prevention in normal home environments. "Saltwater spray testing" you see on the internet is not what you are going to be experiencing with a nice vintage gun unless everything goes wrong. Use CLP or Kroil.

Do not try to take the gun apart unless you know what you are doing. Without a properly fitted screwdriver, you will mar up the screws, reducing value.

After it soaks and drains, wipe the outside with a cotton cloth. Turn the cloth often to use a clean, white area - the brown rust particle are abrasive, and will scratch the good blued parts. Keep the rusty parts soaking in oil for a couple days, repeating the process. That will stabilize the red rust and stop it. Do not use any steel or bronze wool or abrasives. That is an advanced technique for an expert. It will NOT hurt it to leave the rusty spots for years if you keep oil on them, after oiling. It WILL hurt the gun if you try to agressively scrape off the rusty spots, leaving the pits they caused behind.

 

Both of the aboves are good advice.

 

Seems like an obvious pre- war revolver.

 

Insure it for $5000.00. Take it to a gun show and it might bring $2500.00.