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Replacing Grips: will cost you $150-300 dollars for original, in mediocre to good quality. Watch for reproductions sold as original. I have seen pristine originals sell for $500.
BTW: Gold medallion - Python. Silver = OMM and Model 357 [yes, there is such a thing- I have one from 1954].
Unless you are a REAL collector, who must have it all original, and you paid less than $1400 for it, you probably should just restore what you have.
Keep in mind that the original Python grips are cool, but cost as much or more as the NILS grips, which look a HECK of a lot more comfortable.
Refinish- listen to the posts. Doing so diminishes value of gun.
I got an OMM in .38 for $400 below market value because someone had reblued it and it came out plum.
Do you know the lockup test?
With snap-caps loaded, pull hammer in DA mode to rear until hammer falls/fires AND KEEP TRIGGER PULLED TIGHT TO REAR.
Now- gently attempt to 'rock' the cylinder side-to-side. If there is any hint of motion, it isn't timed perfectly. If there is obvious motion [more than a hint], I'd get it retimed.
The Colt revolver prided itself on its' "Bank Vault Lockup": as in, 'tight as a bank vault' when trigger held to rear after hammer falls.
Having this fixed is not as easy as on a S&W or Ruger, but can be done. Either by a tech-savvy person with a lot of time, Jerry Kuhnhausen's books on hand, and the right tools, or by sending it to a Python specialist.
Lastly- DA Trigger pull weight and 'stage-iness' of trigger. The factory pull gets harder as you pull the trigger in DA until it fires. It is a progressive increase in weight- and I don't like it.
Skilled gunsmiths can remove most of this and make it a dream by comparison.
yet, expect to spend over $300 to have that done [and it will fix timing issues at same time].
The Python is the culmination of the Colt .41 sized frame development, in .357 mag, and was originally thought of as a premier target revolver when it came out.
It uses the same frame as the Colt 357 [which preceeded it by 2 years, had the same frame/hammer, and then died in 1960 due to being 'middle kid']. After about 1960, the Colt Trooper came in .357 and then had the same frame/action. Trooper III is a different action design.
The Colt Officers' Model Target, Officers' Model Special and Officers' Model Match were the same basic frame/action/grips. However, they all had a firing pin on hammer, instead of in frame.
Great pistols- as long as you don't expect to beat it up like you might a Ruger or S&W.
I'd go light on fast DA trigger pulls, and never fan it. but, you really shouldn't fan any revolver.
I wouldn't carry a Python, but I have options.
Mainly it is because I want to carry something that I won't be outraged if the police seize, lock up in their property vault, ding up while there, and then return 6 months later with cabinet rash and damaged sights.
I would be outraged if it were a Python.
Enjoy!!!!!