Merwin, Hulbert Extractor Collar
I have a first model single action MH that had a loose arbor. In every large frame MH I have seen, there is a set screw in the hammer recess that keeps the arbor from turning, and this one is no exception.
After I took the set screw out, the arbor unscrewed easily. When I removed the arbor, the extractor collar was attached to the arbor, not the recoil shield, so the collar came out with the arbor. Unfortunately, I didn't check to see if they were one piece or two separate pieces, but my impression was that they were a single piece. At the very least, the collar and arbor seemed very attached to one another.
When the arbor on my MH is screwed in tight, so that the collar seats against the breech face, the collar has over-rotated, so that the slot in the collar that the hand passes through is not aligned with the hand. If the arbor is screwed almost all the way, so that the slot in the collar aligns with the hand, then the extractor collar does not firmly touch the breech face. In that situation, the fit of the threads is the only thing aligning the arbor, and the thread fit is a little bit loose. Consequently, when not screwed in tight, the arbor has a little bit of wiggle, both rotational and from side to side. When screwed in tight, the arbor seems to derive most of its rigidity from the collar acting as a "shoulder" against the breech face.
The looseness of the arbor on my MH seems to have been the eventual result of slight imprecision in fitting the arbor/collar to the gun when it was first manufactured. For most of this revolver's life, the set screw probably kept the correct alignment and, when new, probably prevented the arbor from feeling loose. But this is a pretty small, soft screw, and it eventually developed dents along the sides (due to rotational force of the arbor when the barrel is rotated) that allowed the arbor to develop both rotational and lateral play.
My solution was to remove the arbor and punch a few small dents in the back of the extractor collar with a center punch. The metal raised around the edge of the dents gave the extractor collar just enough extra thickness so that it turned up tight when the hand slot aligned with the hand. I had considered a shim, but the thickness involved was very very slight, and shims would have to have been too thin.
I can't speak for all Merwins, but on mine, the extractor collar was attached to the arbor.
DJ