The Model 101 was developed at Savage Arms by Robert L. Hillberg, intended as a small and inexpensive pistol for youths to use and likely to cater to the growing appeal of various Old West-themed television shows.  The weapon first entered production in 1960, where it was reviewed by The American Rifleman as being "of ingenious design and appears suitably accurate for informal shooting".  Production continued until 1968.

At first glance, the Model 101 appears to be a traditionally styled 6-shot single-action revolver, looking much like a Single Action Army.  Actually it is a single-shot pistol with dummy cylinder pinned to the barrel to form an integral unit. Thus, there is no gap at junction of barrel and cylinder to leak gas as in ordinary revolvers. For this and other design function reasons, Savage could market this pistol as a "Safety Single Shot" pistol, appealing  to the youth and first gun market.

The barrel and cylinder swing to the right to expose the breech for loading or ejection. The rod ejector is actuated by a thumb button under the left side of the barrel near the muzzle when the cylinder/barrel is swung out. The firing pin is of a spring-loaded independent type pinned in the frame. The hammer rebounds so that it is unnecessary to partially or fully cock it before opening the breech. The mainspring is a virtually unbreakable coil spring. The frame and dummy cylinder are of die-cast alloy with barrel and other parts of steel. Grips are of laminated walnut-colored wood impregnated with plastic.