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
Colt Open Top Pocket Model Revolver White patent for metallic cartridges firearms manufacture expired (c. 1870) the Colt's Patent Fire Arms Manufacturing Company started working on its own metallic cartridge revolvers (Colt had previously been manufacturing the so-called Richards-Mason conversions). Thus, Colt introduced its first rear-loaders in 1871: the Colt House/Cloverleaf and the Colt Open Top Pocket Model Revolver. In the 1870s the firearms market was awash with cheaply made knockoffs of the .22 caliber Smith & Wesson Model One which sold for about $2. Colt's president Richard Jarvis decided it would not compete directly with the knockoffs; that its .22 would be of Colt quality.