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Probably needs a new firing pin. The Open Top's firing pin is not very robust and if it's not properly heat treated or it if lands funny in the hammer well it could easily get bent outta shape.
If it's got the factory hammer spring, you can be 99% certain that it's not a lack of spring pressure. I think they use recycled dump truck springs! I always stone the actions on my new Colt replicas. Brownells has a Peacemaker Specialists stoning kit and I've got a lot of use out of mine. With some judicious stoning you can slick up the action quite nicely without altering the sear engagement at all. That and a set of lighter springs works wonders for action "feel".
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