1965 Colt Python: 2½" Barrel, Nickel Finish, Mother of Pearl Grips, Six Shot Capacity and the Caliber is .357 Magnum.  

The Colt Python is a .357 Magnum caliber revolver manufactured by Colt's Manufacturing Company of Hartford, Connecticut. The Colt Python is considered to be a premium American pistol. Along with the Colt Peacemaker it is considered to be one of the finest revolvers ever made by Colt. The Colt Python is a double action, large I-frame handgun chambered for the powerful .357 Magnum cartridge. Pythons have a reputation for superior fit & finish, accuracy, smooth trigger pull and a tight cylinder lock-up.

Colt Python serial number ranges from 1955 to 1985: The sudden increase in production in 1964 indicates that the CNC machining process may have been introduced in the mid-60's. Perhaps a reader out there that has first-hand knowledge will let me know and I can post that info here.

According to the Colt Python Serial Number Table above, production of the Python peaked in 1981 (the highest production year). However, 1978 is a "question mark" due to missing information surrounding guns with serial numbers that have the "N" Suffix. If more than 9,900 Pythons were produced with the "N" Suffix, 1978 would be the highest production year.

At any rate, the five year period from 1977 through 1981 appears to be the peak demand period (Life Cycle Peak) or "golden years" of production for the Colt Python. After 1981 production numbers fall off rapidly, culminating with the gun eventually being produced by the Colt Custom Shop to order only, up until production ceased altogether.

Some very lucky person out there owns the very last Python produced by Colt. I suspect the value of that gun to a collector would be very high. However, as long as Colt remains in business the remote possibility exists that they might produce another Python, thus de-throning the "last produced Python", a proposition that could never threaten the "first Python produced".