I am asking this question as this Colt New Pocket revolver is for sale in the UK (as an obsolete calibre pistol). This means that it can be legally owned by anyone, but only as a collectors item, it is illegal to fire it or own any ammuntion.
It is advertised as being in .320 Calibre. By this they mean .320 CF. This is considered obsolete as it is a heeled bullet round, meaning that the firearms chambered in this calibre shouldn’t be able to chamber .32 S&W or .32 ACP rounds.
While it may be true, I wouldn’t want to try and test this in a court of law. The list of permitted obsolete calibres doesn’t list .32 Short Colt. It seems like the authorities could make an issue of ownership of this pistol if they wanted to.