The Colt factory had gone bankrupt in 1842, but Captain Samuel Walker of the Texas Rangers well remembered the revolvers that had proven very effective in skirmishes with Indians in Texas. With a war brewing with Mexico, Capt. Walker went east to find the revolver's inventor, and to see about getting some more revolvers for U.S. Army troops. When he contacted Colt, Colt wisely picked Walkers brains about how to improve the revolver, and together they designed a revolver that was better than the original.
These drawings are from the patent for the 1850 Colt, but they sure look like the Walker, as well. The Walker Colt shot a .44 conical bullet, using a cloth or paper cartridge and black powder. It weighed a hefty 4 lbs 9 oz, and had a 9 inch barrel, with an overall length of 15.5 inches. Referring to the Walker Colt, a popular saying was the "Abraham Lincoln may have freed all men, but Samuel Colt made them equal." Capt Walker said that the Walker Colt was "as effective as a common rifle at one hundred yards, and superior to a musket even at two hundred."
Walker helped Colt get a government contract for Colt's new revolver, and Colt was back in business.
Today 168 Walker Colts are known to exist, and they go for $100,000+, a price that has appreciated a good deal from the original $25 price tag.