I will add to this continuous debate on Colt 2nd & 3rd Generation revolvers. But if you want the absolute authority you have no further to go than Dennis Russell's book, "Percussion Colt Revolver-The Second Generation". This book also covers the 3rd Generation revolvers as well. Check the RPRCA web site for the address to order from Dennis:
http://rprca.tripod.com
The 2nd Gen "C" Series were actually assembled at the Colt Factory in almost the same way the originals. The parts were first purchased from Val Forgett at Navy Arms, made by Uberti and then directly from Uberti. Later Lou Imperato moved the operation to his newly acquired Iver Johnson factory. The "F" Series were produced there as was the 3rd Gen. later on.
The 2nd Gen revolvers were inspected by Colt inspectors to keep the quality control demanded by Colt. These guns can be "lettered" by Colt and are a continuation of the original numbers.
The 3rd Gen revolvers were manufactured by the licensed Colt Blackpowder Arms, also at the old Iver Johnson factory. Their serial numbers are also a continuation of the original guns starting where the 2nd Gen numbers ended. Parts in these revolvers were obtained from Uberti and Armi San Marco.
Interesting side story is that Lou left Armi San Marco holding the bag on a bunch of parts ordered by Colt Blackpowder Arms when Lou went out of business. Mostly were barrels that had been marked with the Colt Address. Rather than eat them ASM put them on their own revolvers that they were exporting to the U.S. You have a well finished Armi San Marco revolver with the official Colt Address on the Barrel and "San Marco" on the frame where the "Colt Patent" usually is found. These are extremely collectable and are already bringing some high dollars from replica revolver collectors. Customs put a stop to these imports when Colt Complained, but some got through customs.
At the end of the contract with Iver Johnson to assemble the 2nd Gen Colts, Lou Imperato was already working on a contract with Colt to produce the 3rd Gen Series. Evidently Lou considered the possibility of having Uberti make the completely finished gun. A series of sixteen revolvers of different models were made by Uberti with all the Colt markings. Each one carries a permission letter from Colt. These make anything from Colt look second rate. Finish is Royal Charcoal Blue over highly polished metal. They do, however, have the Uberti name under the loading lever. Colt could not accept this and then rejected Mr. Imperato's proposal. The approval letters are dated Jan.15, 1990 based on the contract between Iver Johnson and Colt dated July, 1985.
Most Colt collector’s accept the 2nd Gen revolvers consider these collectable. A number of collectors, however, do not accept the 3rd Gen revolvers as Colts and thus the difference in value. The demand for 2nd Gen revolvers is by both Colt collectors and replica percussion revolver collectors, whereas, the demand for 3rd Gen revolvers is by the replica percussion revolver collectors and ignored by Colt collectors. I might add the demand for these Colts by shooters also play a big part. Since these 2nd & 3rd Gen revolvers are modern production, many of them are still available in “New In Box” condition. These are the ones wanted by collectors. Fired revolvers will be discounted by 50%.