Samuel Colt's Patent Arms Manufacturing Company had…
November 1843 CE
The soldiers in Florida had praised the new weapon, but the unusual hammerless design, sixty years ahead of its time, had led to difficulty in training men who were used to exposed-hammer guns.
Consequently, many curious soldiers had taken the locks apart.
This resulted in breakage of parts, stripped screw heads and inoperable guns.
Colt had soon reworked his design to leave the firing hammer exposed, but problems continued.
In late 1843, after the loss of payment for the Florida pistols, the Paterson plant closes and a public auction is held in New York City to sell the company's most liquid assets.
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