Best left to a gunsmith
A single action pisstol, such as the Colt 1911, requires that the hammer be manually cocked before firing the first shot. Double action pistols, such as the P38, do not- pulling the trigger will cause the hammer to rise and fall, without being manually cocked. This also applies to single action revolvers, such as the Colt Peacemaker, and the double action S&W Model 66 Combat Masterpiece.
Single Action.
your colt single action was made in 1970.
If it is Colt single action army, then it was made in 1889.
This is a handgun, either revolver or automatic, which requires manual cocking of the hammer to fire the gun. Examples include the Colt Single Action Army (the classic cowboy gun) for revolvers and the Model 1911 for automatics. A double action pistol will cock the hammer and fire the gun simply by pulling the trigger.
If this is a Colt single action army, it was made in 1874.
A typical single action pistol or revolver requires that the hammer be manually cocked. In the case of an autoloading pistol, such as the 1911AI .45, the hammer must be cocked before firing the first shot. With a single action revolver, such as the Colt Peacemaker, the hammer must be cocked before each shot. A double action handgun does not require manual cocking of the hammer- you pull the trigger, and the hammer rises and falls. An example would be the Smith & Wesson Model 10 .38 Special. The hammer may ALSO be cocked manually before a shot. Some handguns are DAO- double Action Only- the hammer may not be cocked manually- they are fired by pulling the trigger, which will cause the hammer to rise and fall.
A Colt single action 1860 army with that serial number was made in 1866.
your colt single action scout was made in 1964.
My records indicate that your 45 colt single action army was made in 1883.
You will have to call Colt with the sn to find out.
Your colt single action army dates to 1881 with the serial number you provided.