This is the largest and most sought after of Paterson models, also known as Holster Model. It has been verified as actually seeing use by both military and civilians on the American frontier. It is chambered for .36-caliber percussion, holds 5-shots and has an octagonal barrel that ranges from 4" to 12" in length. It has been observed with and without the attached loading lever, but those with it are rare. Finish is blued, with a case colored hammer. Grips are varnished walnut. Cylinder is roll-engraved; barrel stamped "Patent Arms Mfg. Co. Paterson, N.J. Colts Pt." Most Texas Patersons are well used and have a worn appearance. One in excellent or V.G. condition would be highly prized. A verified military model would be worth a great deal more than standard, so a qualified appraisal would be essential. Serial number range is #1-#1000. Manufactured from 1838-1840. Attached loading lever brings approximately a 25 percent premium.

An 1836 Colt Paterson Revolver sold in September, 2011, for $977,500 at a Heritage Auction in Dallas, Texas. (Price includes a 15% buyer's premium.) This is believed to be a world record for the sale of a single American firearm. The very rare No. 5 Holster Model with a 9" barrel, ivory grips, attached loading lever and accessories in a box, is the finest known surviving example of Samuel Colt's first revolver. Two other Colt percussion revolvers were sold at the same auction for more than $800,000. (See Third Model Dragoon and Model 1861 Navy listings.) Such prices are extreme exceptions to the values of typical models. In 2011 an Excellent+ Texas Paterson, cased with accessories, reported as the finest known, sold at Heritage Auction for $977,500