I came across a Colt Cobra 1st Issue 2" with the alloy frame. It's in 98%+ condition, no box or paperwork. What is it worth? Please don't tell me whatever someone is willing to pay for it. That's understood. Better, what is the market value?
What constitutes a "First Issue" Cobra? I suspect that term came from the "Blue Book." The term "Issue" is apparently a creation of the "Blue Book," and is next to worthless for describing a particular Cobra. The term is not accepted or used in the Colt collector community.
The Cobra has a much shorter history than the Detective Special because it did not exist until Post-War. The Cobra was introduced in 1950 as an alloy-frame version of the Post-War Detective Special, already in its Third Generation by that time. These early Cobras had the “Dual Tone” finish and plastic stocks. I would call these guns "First Generation." The plastic stocks were changed to wood in the mid-1950s, and the “Dual Tone” finish was dropped. I do not consider the stock material or finish change as another generation, but some might. In 1966, the butt frame was shortened, which is Second Generation. In 1973, a year after the Detective Special got the shrouded ejector rod, the shrouded barrel was introduced on the Cobra, which I count as Third Generation. The Cobra last appeared in a Colt catalog in 1978, and was absent from the 1979 catalog.
Therefore, in my opinion, a "First Generation" ("Issue" if you insist) Cobra has to have the long butt frame and un-shrouded ejector rod, NOT just an un-shrouded ejector rod. With the plastic stocks and "Dual Tone" phasing out in the Mid-1950s, there are important variations within the First Generation Cobras that should be identified. Obviously, a 1950 Cobra is worth a lot more than a 1965 Cobra, even though both are "First Generation."
In order to estimate market value, the year of the Cobra in question is needed.
Thanks JudgeColt. You are correct. The nomenclature I used is from the Blue Book. I believe the serial number (222804LW) puts it at 1967. It has an un-shrouded ejector rod and wood stocks.
Trading seldom follows 'dollar for dollar' - the best way to figure out an evaluation fairly quickly is to review Gunbroker to see what prices are trending at.
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