Howdy
To tell you the truth it doesn't much matter to me whether my revolver grips are checkered or not. Some of my single actions have smooth grips, some have checkered.
These 2nd Gen Colts have what are sometimes called 'hard rubber' grips, but in truth they are plastic. The checkering is pretty aggressive, as are the raised emblems. I shoot these with Black Powder and they recoil pretty good, but not enough to cause me any pain or 'tearing up' of my hands. I do allow them to roll in recoil, the checkering does not prevent that.
This Bisley Colt was wearing these very fancy checkered grips when I bought it. They are not original, but I really like them and will not be replacing them.
This Flat Top 44 Mag wears its original checkered plastic grips. Perhaps if I shot a whole lot of 44 Magnums through it, I might find the checkered grips uncomfortable, but the fact is I usually only shoot 44 Specials through it, and it is a pussy cat with 44 Specials.
My old 45 Blackhawk Convertable still wears the smooth walnut grips that were on it when I bought it in 1975. Never had a problem with those grips.
These Stainless Vaqueros wear smooth Walnut grips. I shoot them with the same loads I shoot out of the Colts, no problems holding on to them. I will say that the 5 1/2" gun originally came with Ruger's fake ivory grips, and they were too slippery. Much more slippery than smooth walnut because the walnut is porous. That's why it now wears walnut grips.
This Ruger Three Screw 357 Mag has always worn smooth grips, I see no reason to change it.
I have a few other single actions, with both smooth walnut and checkered grips. It really does not matter too much. As long as my hands are dry I can keep a good grip on them. Either smooth or walnut. Either grip rotates fine in my hand, the checkering does not tear me up, and the smooth walnuts rotate fine too. As I said, I did not like the plastic, fake ivory grips, they were just too smooth, and proved too slippery if my hands were at all sweaty.
Just for the fun of it, here is a photo of a couple of Top Break Smith and Wessons made in the 1880s. They each wear the correct real hard rubber checkered grips from the period. They do not roll in recoil but that is more because of the shape of the grip frame than the checkering on the grips.
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As to why is the old 45 Colt so popular? A great deal of it has to do with the nostalgia of the cartridge and its association with the Old West. But the truth is, fewer and fewer Cowboy Action shooters are shooting 45 Colt these days, far more are shooting 38 Specials. I wish I had a dollar for every new Cowboy shooter who just had to have a pair of 45s, but eventually sold them for lower recoiling and cheaper to shoot 38s. I'd be rich by now.
Regarding what calibers are allowed in CAS, here are the specs right out of the Shooter's Handbook:
REVOLVER CALIBERS
• Must be centerfire calibers of at least .32 caliber and no larger than .45 caliber or percussion calibers of at least .36 caliber and no larger than .45 caliber.
• Must be in a caliber commonly available in revolvers. Examples include, but are not limited to, .32-20, .32 Magnum, .357 Magnum, .38 Special, .44 Magnum, .44-40, and .45 Colt.
• Standard velocity .22 caliber rimfire ammunition is allowed within the Buckaroo Category only.
• Although the .32 caliber revolvers and .36 caliber cap and ball revolvers are legal, they may not be powerful enough to handle all reactive targets.
Notice the note about some examples, it is not an all inclusive list, just some examples. The key is calibers commonly available in revolvers. This also includes 45 Schofield, 44 Russian, 38-40, and even 45ACP.
Bullets must be lead, no jacketed or copper washed, or gas checks.
And revolver ammo velocity must not exceed 1000 fps.