Wrote this up on another forum some years ago.
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The Colt Banker's Special was an offshoot of the popular Police Positive and was made between 1926 and 1943. The Banker's Special shares the frame size of the Police Positive and was serial numbered within the Police Positive series. It was "special" because it featured a 2-inch barrel. Only about 30,000 were made, chambered for the .38 S&W and the .22 Long Rifle. The Model is uncommon in the .38 S&W. It is rare in .22 Long Rifle. The Banker's Special was another fine Colt handgun that was a casualty of World War II.
A Blind Hog Finds an Acorn
I purchased mine some years ago from an auction of a gun shop that defaulted on its inventory-secured bank loan. I wasn't paying much attention to the auction as I'd already purchased a few guns for resale and a bunch of powder. They were auctioning off a bunch of H&R Toppers. I idly looked up when they offered a Colt revolver. I was way in the back of the room so thought I was seeing the auctioneer hold up a Detective Special. I'd always wanted a Detective Special so perked up my ears. As it was late in the auction the bidding seemed all in at $110. I'd not inspected the gun before the auction began so had no idea if it was original and correct. On a whim I raised it $5.00 and won the Colt. I was pleased and hoping the Detective Special was not a re-blue. Imagine my surprise to be handed a really nice original Banker's Special when I paid out. A letter from Colt stated that it had shipped to a store in Los Angeles, California in March of 1932.
I've been a banker all my adult life so was tickled to get the revolver. I've always said Colt made up the Banker's Special because wimpy bankers couldn't handle the recoil of the .38 Special chambered Detective Special.
Shooting the Banker's Special
As a close in defensive weapon the little revolver has a lot going for it. These days handloading one's .38 S&W defense loads is the way to go as modern factory 146 grain fodder as put out by Winchester and Remington is so very anemic. I suspect that some factory loadings of a few years ago were somewhat more energetic. I did encounter a yellow box of Western 200 grain copper-plated ammunition once. This stuff was peppy over the chronograph and made the Banker's Special jump a little more in the hand when fired. Most of it disappeared down the 5-inch tube of my Webley Mk IV where it proved to strike a bullseye target precisely to point of aim.
With factory loads or handloads the Banker's Special is a very easy revolver to shoot well. It is extremely well made and well finished with a factory checkered trigger and features a full sized grip frame with nicely checkered walnut grips. Though it only weighs 19 ounces it is completely controllable with it's .38 S&W ammunition. When used in single action mode it "shoots where its sights look" at 15 yards and gives gratifyingly tight groups. Double action it's a whirlwind, smartly stitching up a Texas Concealed Carry standard silhouette target at 7 or 10 yards with well-centered .38 holes as fast as one pulls the trigger. It is fun to shoot in such a fashion and I've found myself running through a supply of .38 S&W ammunition so quickly that the fun is over too soon. The extra attention Colt put on the checkered trigger is a detriment to such use as it will eat the skin off the trigger finger before too many rounds are fired. This acts as a ammo conservation measure for me. Practicality would dictate that the checkering should have been left off. If one was to have to defend oneself with the mighty Banker's Special one could place several .38 slugs into one's assailant in an instant, keeping a few rounds for reserve. I'd feel as confident with the .38 S&W as I would with the .380 ACP if I carried it handloaded with 158 grain SWC's at about 775 FPS, a load easily digested by the plucky little Colt. I've indulged myself with carrying it concealed on a few occasions and it rides inside my waistband or in a jacket pocket equally well. As it wouldn't be a top choice for self defense I leave it in its home and tote something with more punch.
I've fired Colt Detective Specials and they shoot well and have similar shooting characteristics as the Banker's Special though it takes a bit more recovery time between double action rapid fire shots when shooting + P 158 grain .38 Special loads. Both the Banker's Special and the Detective Special are easier to use to achieve precise, accurate hits than are the J-frame Smith & Wesson designs for me. I can wring tight groups from the J-frames but have to really bear down and concentrate to do it. I get occasional fliers with the little S&W's as well. As close in defensive weapons all offer outstanding performance and that's what counts.
Alas, the Banker's Special is long gone and the Detective Special is now history as Colt isn't currently making any DA revolvers at present. Though Smith & Wesson is my very favorite "there are no flies" on the classic Colt models of double action revolvers either.
The Banker's Special seen below the Detective Special in this older photo shows its frame's shorter Police Positive heritage.
Some performance figures from the Banker's Special.
Colt Bankers' Special with 2-inch barrel
Factory Load: Winchester 145 grain round-nose lead
742 fps Muzzle Velocity
177 ft/lbs Muzzle Energy
55 fps Extreme Spread
22.6 Standard Deviation
Factory Load: Winchester 200 grain round-nose lead (probably pre-war ammunition)
647 fps MV
186 ft./lbs ME
18 fps ES
8.4 SD
Handloads used primarily centered around experimentation with a 100 round batch of 200 grain .360" diameter cast lead round-nose bullets.
158 grain .358" cast lead semi-wadcutter, 2.5 grains Red Dot (from a batch loaded 11/23/95)
738 fps MV
191 ft./lbs. ME
25 fps ES
10.1 SD
200 grain Remington .358" lead round-nose, 3.1 grains Unique (from a batch loaded 11/16/95)
741 fps MV
244 ft./lbs. ME
80 fps ES
20.3 SD
All the following loads were produced with a 200 grain cast lead bullet as kindly provided by
LouisianaMan. This bullet differed from the Remington 200 grain component bullet in having a slightly more blunt nose profile.
2.0 grains Red Dot
620 fps MV
170 ft./lbs ME
37 fps ES
15.6 SD
2.2 grains W231
644 fps MV
189 ft./lbs ME
24 fps ES
10.3 SD
2.3 grains Green Dot
635 fps MV
179 ft./lbs. ME
30 ES
12.0 SD
2.4 grains (new) Unique
614 fps MV
167 ft./lbs. ME
59 fps ES
59.7 SD
2.7 grains Herco
Was attempted unsuccessfully. The chronograph gave "no-reads" and on three occasions bullets were stuck in the barrels of both revolvers just ahead of the forcing cones. This load is too light.
"Performance" .38 S&W Loading
The following loads could be considered as unofficial .38 S&W "+P" loads. These would only be suitable in quality late vintage Colt and Smith & Wesson solid-frame revolvers having swing out cylinders, in the Webley and Enfield .38/200 revolvers produced for British military contracts, or their commercial equivalents. Commercial Webley .38 revolvers were produced for many years prior to the adoption of the very similar military issue Enfield No. 2 Mk I in 1931. Early Webley .38 revolvers probably should not be fired using such loads. Any use of these loads in any 19th century revolver of top-break design would very likely come to grief.
A side-by-side test of "old" Unique and this new "cleaner burning" Unique was conducted during this part of the testing in order to discover any differences between the two. While it could only be an indication of lot-to-lot variations, when examined with results from similar chronograph tests in the .38 Special and the .45 ACP it tends to indicate that the new formulation of Unique is a bit more energetic. Old familiar Unique load data for a reloader's favorite cartridges should be retested by working up.
So-called "+P" efforts with the 200 grain bullet in the Colt
3.0 grains "Old" Unique
644 fps MV
184 ft./lbs ME
72 ES
30.3 SD
3.0 grains "New" Unique
689 fps MV
210 ft./lbs. ME
19 ES
7.1 SD
3.3 grains Herco
767 fps MV
261 ft./lbs. ME
31 fps ES
15.1 SD
