Here is the bullet I found, had it identified yesterday, not sure how much it is worth. Was hoping you could help. The exact measurement was .477 but I averaged it to .452. It weighs 52 grams and I really want to know how much it is worth!!
Thanks
It is a "modern" bullet and I doubt you could get 10 cents for it sadly enough. Don't know who told you it was from a 1st generation colt, but that would be hard to prove, and if it were it still would have no real monetary value. Most of all the old muzzle loading round balls and slugs we find have no monetary value. Rare civil war bullets do have values, but after that period they are basically worth nothing to anybody but the finder. I melt all old bullets I find down for fishing weights.
There are a lot more revolvers that fired that slug than just Colt. Unless you can match rifling grooves on your slug to a specific firearm there is no way of telling what fired it.
Does yours have a hollow base? It looks like an U.M.C. (Union Metallic Cartridge Co. - bought up by Remington in 1912).
As mentioned earlier, it would take some forensic work to determine which firearm fired it. Colt, S&W, Marlin, Winchester, about everybody chambered the .45 Colt. Like any cartridge once the military adopts it all manutacturers "take a shot at it."