Its design was patented by Samuel Colt on February 25, 1836, in the United States, England and France, and it derived its name from being produced in Paterson, New Jersey.

A subsequent patent renewal in 1849, and aggressive litigation against infringements, gave Colt a domestic monopoly on revolver development until the mid 1850s.

[2] Revolving pistols held five shots and varied from "pocket" to "belt" and "holster" designations based upon size and intended mode of carry.

The close clearances, folding trigger and multiplicity of small parts and springs seemed more appropriate to a fine timepiece than a tool destined for field service and fouling from black powder residue.

To fire the Paterson, the shooter thumbed the hammer back and the action rotated a chamber in line with the barrel and locked the cylinder in place.

This sequence is repeated for each of the five shots in the cylinder (although the safety-conscious shooter will load only four, leaving the hammer down on an empty chamber for routine handling and carry.)

[5] The Number 5 Belt Revolver would be an effective weapon to 50 yd (46 m) with ideal shooting conditions; however, from a moving horse, the useful range would be measured in feet.

The cylinder is somewhat shorter than that found on the later Colt Navy .36 revolvers but will hold 22 gr (1.4 g) of FFFg black powder while allowing full seating of the ball.

[2] The firepower advantage that they offered was initially praised by the troops, but the United States government considered the arms to be excessively fragile and prone to malfunction.

[2] Zachary Taylor, as a general in command of the border with Mexico, sent Captain Walker to New York in 1846 to meet with Colt and discuss improvements to the Paterson to make it more appropriate for use in battle.