Make: Colt

Model: Bankers Special

Serial Number: 356528

Year of Manufacture: 1931

Caliber: .38 Colt New Police (also known as .38 S&W)

Action Type: Double Action Revolver with Swing-Out Cylinder

Markings: The left side of the barrel is marked “38 BANKERS SPECIAL.” The right side of the barrel is marked “COLT’S PT. F.A. MFG. CO. HARTFORD. CT. U.S.A. / PAT’D AUG. 5, 1884, JULY 4, 1905, OCT. 5, 1926.” The crane and crane cut are both marked with the serial number “356528” and the letter “R.” The left side of the trigger guard’s front bow is marked “GWE.” The butt is roll-marked “No.15231.”

Barrel Length: 2"

Sights / Optics: The front sight is a fixed half-moon blade. The rear sight is a square notch milled into the topstrap.

Stock Configuration & Condition: The grips are checkered walnut with silver Colt medallions. They show light handling wear with minor edge softening and a few faint marks but no chips or cracks. The checkering remains strong and the fit to the frame is tight. Overall, the grips rate in about Fine to Excellent condition.

Type of Finish: Blued

Finish Originality: Refinished

Bore Condition: The bore is bright and the rifling is sharp. There is no erosion. In this writer’s opinion, the bore rates 10/10.

Overall Condition: This handgun retains about 98% of its current metal finish. There is minor thinning at the edges and softened finish on the butt. The knurled cap of the ejector rod shows finish loss and silvering, and there is light wear at the front of the ejector rod housing. The front of the trigger and the hammer spur are knurled, retaining strong edges and finish. Under close inspection, faint scattered pinprick pitting is visible beneath the refinish, most notably on flat surfaces of the frame and barrel. These marks are subtle and difficult to detect without close scrutiny. The screw heads are sharp. The markings remain clear. Overall, this revolver rates in about Excellent condition as refinished.

Mechanics: The action functions correctly. The cylinder locks up with light play on each chamber. The double-action is smooth and the single-action has a crisp break. The trigger resets reliably. As with all used firearms, a thorough cleaning may be necessary to meet your maintenance requirements.

Box, Paperwork & Accessories: This revolver comes with a Colt Archives letter indicating that this revolver was produced as a Banker’s Special, .38 caliber, 2” barrel, marked “15231”, shipped to the Superintendent of the Railway Mail Service in St. Paul, Minnesota on May 12, 1931 as one of 500 guns of the same type in the shipment.

Our Assessment: The Colt Bankers Special is one of the lesser-known but highly collectible variants in Colt’s small-frame double-action revolver lineup. Introduced in 1926, it was marketed toward professionals in need of discreet personal protection—particularly those in financial services. Offered in .22 or .38 S&W with a 2" barrel, the Bankers Special delivered compact firepower in a six-shot package while retaining Colt’s legendary smooth action and durability.

This example was manufactured in 1931 and retains about 98% of its expertly reapplied blued finish. Its markings are crisp and correct, with “38 BANKERS SPECIAL” on the left side of the barrel, patent markings on the right, and matching serial numbers on the crane and crane cut. Inspection marks like “R” and “GWE” are visible, and the butt is roll-marked “No.15231,” a marking applied for the Railway Mail Service, to whom this revolver originally shipped. The knurled hammer spur and trigger face show positive engagement features, and the revolver remains mechanically solid with a bright, sharp bore. Beneath the refinish, faint under-blue pitting is visible under close scrutiny but does not detract from its overall presentation.

Collectors of Colt wheelguns know just how difficult it is to find a Bankers Special in this condition. With fewer produced than the more famous Detective Special, these revolvers rarely surface in the market—especially not in the kind of well-preserved, documented, complete condition seen here. Whether you're a Colt aficionado, a collector of discreet professional revolvers, or just looking for something truly rare from the golden age of American handgun design, this one stands out.