Cookies help us deliver our Services. By using our Services, you agree to our use of cookies. Learn More.

Here's What Corey Paid For A Rare 1838 Colt Paterson Gun On Pawn Stars

Repeat customers on "Pawn Stars" can be interesting, especially when they return with a bitter taste in their mouth. That's what happened when a man named Mike came in to sell Corey a rare 1838 Colt Paterson gun, and told him a "bald crabby man helped him" last time. Even when Corey suggests calling in an expert, the man is hesitant, and doesn't want to risk being told it's fake by some "college kid."

In the end, he didn't have any cause for concern. His item was a rare 1838 Colt Paterson gun with an incredibly rare connection to a historical figure. That historical significance combined with the rarity of the gun itself, earns the expert's recommendation – no matter the asking price. This is always a great thing to hear from an appraiser, and on "Pawn Stars" it usually means Corey is about to spend a lot of money.

Check out how much Corey paid for this incredible, rare find.

Historical significance always increases the value

The 1838 Colt Paterson gun is the first gun to ever feature a rotating cylinder for a single barrel, essentially changing the gun industry forever. W

hen Mike, a repeat customer and military gun collector, brings one in with a great backstory, Corey is interested. Mike tells them it was owned by William R. Manning, a Confederate Civil War colonel, as well as Buffalo Bill. The latter owner would return the gun to Manning's daughter, May, along with her husband, Pawnee Bill, a well-known Western showman. All of this combined leads Mike to ask for $15,000 for the gun, but Corey has no clue what it's worth, so he calls in his expert.

When military antique expert Craig Gottlieb sees the gun, he is immediately impressed. From the start, he makes it clear that this gun is both rare and valuable if everything is legitimate. After Mike retells the story of its origin, Craig pulls out his magnifying glass and closely examines the gun. Although the gun barrel is standard for authentic Colt Patersons, the serial numbers don't match. That's because when Colt Paterson went out of business, his partner grabbed what was left of the inventory and started to put mismatched parts together. It's an unfortunate situation, but it still doesn't completely undermine the value of the gun. 

According to the expert, the weapon is in "poor plus" condition, but the story seems legitimate. Craig says it's worth $25,000 and tells Corey to buy the gun because they're not going to see another one like it. Mike tries to raise the asking price to $19,000 but ultimately sells it for the original asking price of $15,000. Not bad for an old pistol.