Rare 1836 Colt revolver draws record price of nearly $1 million

It might not be the best choice for a modern-day gun fight, but as a collector's item a rare 1836 Colt revolver in exceptional condition has no challengers.

The Holster Model No. 5 Paterson revolver from the Al Cali Collection has sold for $977,500 at auction in Dallas, setting  a world-record price for a single firearm.

The gun, with a nine-inch barrel and loading lever, is said to be the finest surviving example of Samuel Colt's first revolver, produced in Paterson, N.J.

"This is as desirable as any piece that exists, and as desirable as any piece I’ve seen in my more than 40 years of buying and selling the very best firearms in existence,” said Greg Martin, president of Arms & Armor at Heritage Auctions / Greg Martin Auctions. "Out of maybe 3,000 similar pieces made, with most likely less than 300 surviving, this is clearly among the very best, and the market realized that."

The West Coast buyer was only identified as "a Silicon Valley mogul."

All told, four pistols in the Al Cali Collection garnered $3.277 million.