Colt's first new model was the 1871-72 Open Top, which was essentially a factory-redesign of the 1860 Army, followed in 1873 by the legendary Colt Peacemaker. 1n 1873 the price of the new Colt SAA was in the range of $12.00, much more than the average western pilgrim could afford.
In contrast, for less than $5.00 a Civil War issue percussion revolver could be sent back to Colt or Remington and converted to fire metallic cartridges. And a local gunsmith could probably have done it for even less. (This was brilliantly portrayed in Tom Selleck's film Last Stand at Saber River).
The 1858 Remington New Model Army appears to have been the first percussion revolver converted to fire a metallic cartridge, produced by Remington in 1868-69 (while the White patent was still in effect) and converted to chamber five .46 caliber rimfire cartridges. Later versions were converted to six-shot .44 caliber centerfire, and the New Model Navy to .36 and then .38 caliber.
These factory conversions remained in production until the new Remington Model 1875 Single Action Army was introduced, the gun that would give the Colt Peacemaker and Smith & Wesson models their greatest sales competition throughout the 1870s and 1880s. After White's patent had expired, Colt's was quick to enter the field of bored through cylinder metallic cartridge revolver manufacture. Contrary to popular belief, conversions of percussion arms to the bored through cylinder were not the first of the post Rollin White cartridge arms to be made by Colt's. Although the Cloverleaf and Open Top revolvers were marketed initially in 1871, Colt's did not complete any quantity production of the bored through cylinder conversions until 1872, the first being the C.B. Richards alteration of the Model 1860 Army," [followed by the improved Richards Type II, and newer Richard-Mason versions].
Cartridge conversions were available for most Colt percussion models produced from 1860 on. Field conversions by individual gunsmiths also accounted for a considerable number of cartridge firing cap and ball models seen in the last year of the Civil War and throughout the 1870s. Says Wilson, "Colt's records indicate a total of 46, 100 pistols having been converted by the factory...thousands more were done in the field by gunsmiths. In the 1870s, there was a growing demand for cartridge conversions following the completion of the transcontinental railroad in 1869 and the post-Civil War opening of the Wild West. The Colt [and Remington] revolver in the hands of sheriffs, marshals, outlaws, gunfighters, Wells Fargo agents, cowboys, ranchers, miners, sodbusters, and Indians was quickly enshrined in American folklore."