Fifteen years or so ago I owned a Grade 1 Model 1883 Colt hammerless; the gun had no original finishes but was complete, in great condition mechanically, featured a gorgeous English walnut stock, and functioned like a fine Swiss watch. It also featured lots of drop; but was a fun gun with which to shoot does once one figured out how to manage its crooked stock. I've seen a few examples of the Colt 1883 Grade 2 gun, but never owned one personally. Grade 2's are beautifully engraved, and the quality of these Colt hammerless guns is amazing.