Waterman Lilly Ormsby was the engraver who made the plates for the original Colt revolvers; of course the use of the name on a 1976 reproduction was just to keep the traditional marking.
(The engravers didn't really engrave every revolver; they made a master engraving from which hardened steel plates or stamps were made. The cylinders of revolvers were rolled under high pressure over the plates, thus transferring the engraved picture to the cylinder.)
Jim
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