This is a Colt 2nd Gen, unfired but no box, which I found at a local gun shop for $425. Since it was unfired and on consignment they couldn't let me check the action. It has really good case colors and I figured for $425 I could probably get my money, or most of it, back out of it if it has problems. I will try switching hammers but I have done enough disassembly and reassembly for a while. I will probably try it tomorrow.
Richard, I think ultimately you are correct in that the bolt slot is mislocated.
It's a shame that Colt didn't do a better job with these because IMO they are the best looking cap n' balls. Some people get good ones but they are far from consistent. I think my 2017 made Uberti is a better gun.