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Snowman,
Such a firearm in its original 455 Webley/Eley chambering could be somewhat of a rare collectable. Depending on condition and particulars of this individual Colt, the gun could be worth a great deal more than a dealer illversed in New Service minutae may realize. When you say you can get it cheap, how cheap is cheap? What is the condition of the weapon? What are its features- barrel length, finish, grips, etc.?
Rechambering these guns to .45 ACP was quite common in the 1950s and 60s. The cylinder is too short for conversion to .45 Colt. The "rings" the dealer mentioned are called moon clips. They are thin metal, shaped somewhat star-like, and hold six cartridges at a time in the extractor grooves.
Myself I would buy it, but keep it as a .455 for collector value and inestimable "cool factor." Brass, while somewhat expensive, is obtainable. Most .45 caliber cast bullets will work fine. Heavier weight slugs, 250-270 grains, will shoot closer to the sights than the typical 185-230's of the .45 ACP.
I hope this is of some help.
Such a firearm in its original 455 Webley/Eley chambering could be somewhat of a rare collectable. Depending on condition and particulars of this individual Colt, the gun could be worth a great deal more than a dealer illversed in New Service minutae may realize. When you say you can get it cheap, how cheap is cheap? What is the condition of the weapon? What are its features- barrel length, finish, grips, etc.?
Rechambering these guns to .45 ACP was quite common in the 1950s and 60s. The cylinder is too short for conversion to .45 Colt. The "rings" the dealer mentioned are called moon clips. They are thin metal, shaped somewhat star-like, and hold six cartridges at a time in the extractor grooves.
Myself I would buy it, but keep it as a .455 for collector value and inestimable "cool factor." Brass, while somewhat expensive, is obtainable. Most .45 caliber cast bullets will work fine. Heavier weight slugs, 250-270 grains, will shoot closer to the sights than the typical 185-230's of the .45 ACP.
I hope this is of some help.