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I think you have an excellent old Colt there. Some makers have made reproductions that attempt to mimic a revolver with a lot of wear, though that one actually has rather less wear than the reproductions.
I'd say the wear is a result of being carried in a holster. Even revolvers I've owned that were purchased new quickly showed holster wear at the muzzle. It may not be a collector gun by collector's standards but it is certainly highly desireable.
The front sight looks a little odd. Do you suppose it has been modified in some way?
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