Not all of the Colt 2nd generation parts were made in Italy. Those that were made in Italy were made rough, then finished in the U.S.
Contrary to the perception, Colt reissue revolvers are not just "Ubertis with the Colt name on them."
I have a Colt 2nd generation 1851 Navy. It is the finest-made cap and ball revolver I'd owned. The fit and finish are second to none.
I've put about 2,500 shots through mine, since buying it new in 1982. That doesn't sound like much in a modern arm, but in a cap and ball revolver that's a fair amount of shooting.
My 1851 has a silver patina now, with the dark bluing worn off. It looks like an old original.
Incidentally, I live near the Pony Express Route in the northwestern Utah desert. The riders carried the Colt 1851 as they carried the mail between California and Missouri. This area remains the most remote of the entire route, virtually unchanged from 1860 and 1861 when the riders came through.
The Pony Express route in this area is now a dirt road, with no towns and only a few ranches dozens of miles apart. Between Vernon, Utah and the Fish Springs National Wildlife Refuge, there are about 80 miles of remote, open road with no ranches or habitation between them.
Run out of gas in this area, or break a leg, and you can die out there if no one comes along or you're off the main route.
I've shot my Colt 1851 many times along the route, and brought friends out to do the same. It's quite a feeling to stand along the old Pony Express Route, Colt 1851 in hand, desert mountains and sagebrush around you, and send lead balls and conicals downrange into a can.