He immediately founded a factory in Paterson NJ and created a company in charge to exploit his inventions, the Patent Arms Manufacturing Co. His range of five-shots firearms takes the brand name of Colt Paterson. The models differ in the gauge and in the barrel length.
The smallest is a pocket model, No. 1 in the catalogue, in .28 gauge. It was produced from 1837 to 1840, and is also known by the nickname Baby Paterson.
On April 25 in Rock Island IL, RIAC sells one of the first specimens of Baby Paterson, lot 1093. This serial number 98 was probably a demonstration unit, characterized by an extremely short barrel 1 3/4 inch long. It is the earliest Colt revolver that was equipped with mother of pearls grips and factory engraved like the later presentation or exhibition units.
In excellent condition, this number 98 is sold with its mahogany factory case and many accessories of the period. It is estimated $ 400K.
It is shown in the tweet below, issued during the preparation of the auction. The estimate of this historical piece was subsequently revised upwards.