Dave: jhm makes a good point about there being a lot of questions. Colt made some commenoratives as functional pistols but some others were not. These replicas may carry the Colt name or logo and may have been commissioned by Colt but may not be capable of firing - or, if they are capable of being made to fire I'm not so sure you would want to be holding it when it goes bang.
Barrels and chambers are plugged on some guns to render them inoperable - this may well be due to the fact that they were not cast of properly composed and treated metals, but of pot metal or base castings that may not hold up or stay together if fired.
If a gunsmith tells you the pistol is capable of being made to fire, safely, then it could be turned into an operable condition.
However, some commemorative pieces do not carry serial numbers or may not be sold as functional firearms, which means that if you get one you may have to register it as a functional firearm and I do not know if Jo-ja has any laws regarding that - you would hae to check.... HTH and be careful. Mikey.