I own a Colt reissue 1851 Navy I puchased new in 1982 or thereabouts.
It is a second-generation Colt and a very well-made firearm. I've put about 2,000 rounds through it and never had a problem.
Yes, some parts were made by Uberti. And yes, it is a REAL Colt --- contrary to what some believe.
There is no signature on the backstrap. The second generation didn't have this decoration, nor would I care for such a thing.
Here's why Colt used Italian-made parts, as I've understood it:
Colt would have had to do a tremendous amount of tooling to produce the frames for the Navy, Army, Dragoons and such. Instead, it chose to contract the building of some parts to Uberti.
However, Colt oversaw the specifications for the parts and accepted only the best work.
Colt originally wanted to have the great Italian gun maker build the guns entirely. However, Italian law mandated that any working firearm had to be proof-fired before it left Italy and bear Italian proof marks attesting to same.
Well, Colt couldn't have its revolvers bearing Italian proof marks. So, to get around that, some parts were made in Italy. They were shipped to America and assembled by Colt, or under Colt supervision.
Yet, some would claim this Italian connection invalidates it as a real Colt.
So, Winchesters made by Miroku in Japan are not real Winchesters? Brownings made in Belgium are not real Brownings? (after all, John Browning was an American).
I've heard that the later signature series Colts were pieces of junk. That may be but place the blame where it belongs: squarely on Colt! After all, it was Colt's responsibility to maintain quality, even by contractors.
The world's oldest gun-making firm is in Italy: Beretta. It dates to the 1500s. The Italians have a long history of making firearms, both good and bad --- and America has made great fireams and pieces of crap.
I don't want some good ol' boys making my firearms. I want craftsmen. Besides, how long would it be before a union got organized at that plant. Then come the demands for higher wages and more benefits. To compensate, the company would have to raise prices.
And we're back to square one.
If I had my druthers, I'd have a Colt made by Americans but I don't have that choice. I think Colt is making a BIG mistake by not tooling up for the black powder revolvers, and offering them as a regular item at a competitive price.
I also wonder why Remington has never offered its famous handguns. Seems to me, it would be a money-maker for the company.