Samuel Colt Almost Failed In The Firearms Business
Colt's first attempt at manufacturing repeating firearms was the Patent Arms Manufacturing Company in Paterson, New Jersey. It opened in 1836, but didn't see great success due to the Panic of 1837. In 1842, Colt was forced to shut the factory down. It wasn't until the Mexican-American War that his revolvers became indispensable, widespread weapons.
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Key Facts In This Video
Colt introduced his chambered revolver during the Panic of 1837 financial crisis. (0:21)
In 1846, Texas Ranger Sam Walker collaborated with Samuel Colt to build a new revolver. (1:45)
The Mexican-American War made Samuel Colt a household name. (2:22)