Not an expert on Colts. Experience in mounted shooting revolvers.
Opinion
You have a worn out part.
I would take it to a gunsmith..it needs some TLC... :)
You need to take it to a gunsmith, and have him check and correct the timing. It’s not safe the way it is.
ping
First off, call Colt.
They may have a certified armorer in the area or may have you send it back.
Definitely don't shoot it.
You are correct, it need service. The way to test the timing on an old colt DA is to slowly cock the hammer until it clicks to lock back and no further. If the cylinder hasn’t turned enough to engage the next detent, the “hand” is worn and needs to be replaced. This is not a drop in part, it must be hand fitted to the revolver.
See a gunsmith. Revolvers have a cone shape were the fired bullet enters the barrel. Because the cylinder and barrel don’t ever line up but the amount of that misalignment could be series. I would think however that if it fires correctly in double action it will fire in single action. Check the cone for bullet wear and particales. Most gunsmiths won’t charge to take a lllk.
DO NOT FIRE IT! I suspect you would not attempt to fire it, but if so it may very well blow up in your face.
The forcing cone takes up alot of slack but indeed it is a timing issue. Bought a new Ruger decades ago that came with the problem from the factory. I remember I had a brand new pair of jeans on and was standing 90 deg to the left of my brother when he shot the pistol and me with part of the bullet jacket ripping thru my jeans. I in turn shot him later after he denied the problem existed.


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A proud Colt Tradition.
But of course, it cannot be. Everyone know wheel guns never malfunction....
But seriously, find a reputable Smith.
Try THUMB cocking it quickly. See if the cylinder latch seats in the locking notch. If it does in DA, then it may just need some TLC.
I had a S&W with same clocking issue.
It peeled some jacket off a round into my face below
my eye
Send it to colt or colt armorer.
Do not use
"Single action" (actually is "hammer cocking") the cylinder isn't moving fast enough for momentum to carry it forward.
Colt revolvers sometimes do this. The Anaconda model was especially bad.
Cock the hammer slowly. When it reaches full cock, then see if the cylinder rotates slightly until it locks into place.
Definitely don't shoot it and definitely find a competent gunsmith.
Colts can get out of time and Colt rated gunsmiths are hard to find. But finding one is worth the effort or send it back to Colt for repairs. Old Colt revolvers are very collectable.
Take it to a gunsmith. If it was a Ruger you could just send it back to the factory and they would likely fix it for the $27 shipping fee.
Congratulations on owning a nice revolver.
My best contribution is to take it to a gunsmith who specializes in Colt revolvers. I’ve heard that’s a niche industry anymore.
I’m tuned in to the thread though, for edification. You’ve come to the right place...
You have a worn hand. The reason it works on double action is because the leverage of the double action imparts a fast spin on the cylinder where the inertia of the spin carries enough rotation to engage the cylinder lock... most times. In single action, the hammer cocking and subsequent cylinder rotation are slower, thus not imparting the inertia to the cylinder before the hammer reaches cock and the lock drops early almost every time.
The gun will shave lead on firing and is not safe to shoot even in double action. You need either a new hand or some welded buildup on the old and then a retiming.