Roswell L. Colt in Paterson on November 22, 1856. Roswell L. Colt Roswell Lyman Colt (1779-1856) was an American businessman who made a fortune in the shipping industry, served for decades as governor of the Society for Establishing Useful Manufactures, and was an early railroad executive. Colt's parents were Peter Colt (1744-1824) and Sarah Lyman. (Peter's brother was Benjamin Colt (1740-1781), whose grandson would be gunmaker Samuel Colt (1814-1862).) A graduate of Yale University, Peter founded a shipping business that traded with the West Indies, served in the Revolutionary War, served as Connecticut State Treasurer from 1790 to 1794, and went on to
.45 Colt quartermasters. Current catalog listings of compatible handguns list the caliber as .45 LC and .45 Colt. Both the Schofield and the .45 Colt were used by the Army at the same period of time prior to the adoption of the "M1887 Government" version of the .45 Schofield cartridge The .45 Colt was a joint development between Colt's Patent Firearms Manufacturing Company, of Hartford, Connecticut, and the Union Metallic Cartridge Company of Bridgeport, Conn. Colt began work on the revolver in 1871, and submitted a sample to the U.S. Army in late 1872. The revolver was accepted for purchase in 1873.