As of the census[7] of 2010, there were 1,173 people, 485 households, and 299 families living in the village.

32.0% of all households were made up of individuals, and 14.8% had someone living alone who was 65 years of age or older.

As of the census[2] of 2000, there were 1,227 people, 521 households, and 339 families living in the village.

30.7% of all households were made up of individuals, and 16.5% had someone living alone who was 65 years of age or older.

The former home and burial site of famous magicians including, Harry Blackstone, Sr. (The Great Blackstone) The United States Congress recognizes Colon as "The Magic Capital of the World".

It is the home of the Abbott Magic Company, founded by magicians Percy Abbott, an Australian and friend of Blackstone's, and Recil Bordner, originally from Eaton, Ohio, in 1934.

The company has a local store, showroom and a factory where magicians' supplies and new tricks are manufactured.

Abbott Magic is well known among professional stage acts, with customers around the world.

The convention concludes each day with an evening show at Colon High School.