It Was "staked" in meaning a tennon or foot on the base of the sight was pushed through a hole in the slide. Then the foot was mashed or beat-on, on the inner surface of the slide, to secure the sight in the hole.

The bad news is that I understand that replacement authentic g.i. sights are difficult/impossible to find. It may be time for new (better) front and rear sights.

 

Here's something I wrote on another forum on how the staked front sight is replaced:

Using a small carbide ball cutter, grind a small countersink inside the slide into the tenon hole for the sight,
This countersink is intended to give the new sight rivet room to flow into the countersink.
Unless the countersink is cut, when the sight is riveted the rivet will be laying flat on the slide surface. When you grind off the excess to allow the barrel bushing to fit, you'll grind off most of the rivet. Result is, there isn't enough rivet to hold the sight and the sight comes loose of flies off. Failure to grind the countersink is the reason many new sights fail to stay in place.

After grinding the countersink, test fit the new sight, and if necessary grind off any excess tenon on the sight.
How much tenon you want sticking through the slide is a judgment call, If you have too much, no problem, you can grind it off after riveting. Many good sights don't need the tenon to be shortened at all.

Clean the slide and sight with a solvent like alcohol or lacquer thinner and dry.

Apply a drop of Loctite Red to the hole and insert the sight.

Position the front sight and slide on a bench anvil padded with sheet brass to prevent deforming the new sight.

Use the Brownell's sight riveting tool rivet the tenon, making sure to move as much metal as possible down into the countersink.
(There are larger, much more expensive sight riveting tools sold by Brownell's)

Allow the Loctite 24 hours to cure, then wash off the excess with hot soapy water and a brush.

Use a small grinding bit or rubber bonded abrasive tip to grind off the excess rivet until the barrel bushing will seat without interference. Make SURE to keep the sight and slide COOL or the Loctite will break down from the heat.
(The Loctite is just a "belt and suspenders" to insure a tight hold).

Riveting tool:

http://www.brownells.com/.aspx/pid=916/Product/1911-AUTO-FRONT-SIGHT-STAKER

Some people silver braze sights in thinking that's the only way to get one to stay put. That's because too many people don't understand the correct procedure and fail to get a good rivet. Properly done, with a normal sight no brazing is needed.
Plus, brazing requires a red heat of over 1100 degrees, and this ruins the finish.
Allow the heat to spread, and you can ruin the slide.

Glue and soft solder will not hold.

Your older Colt requires the old style narrow tenon sight. In the 1980's Colt changed to a wider tenon that's as wide as the sight.

Brownell's sell a narrow tenon replacement that can be reshaped to match the original.

http://www.brownells.com/.aspx/pid=8842/avs|Style_1=Narrow Tenon/Product/1911-AUTO-FRONT-SIGHT

Midway sell a Colt factory 1911 sight that is easy to modify to match the original.

http://www.midwayusa.com/product/28...ont-sight-1911-stake-on-narrow-tenon-1918-wwi-style-110-height-steel-parkerized

I suspect the easiest thing to do is contact Colt to see about having them install a new sight.
All you'd have to send them is the stripped slide.

 

Thanks for the info. I may call Colt but may also consider sending the slide to Novak and have them dovetail the slide and install their sights. This pistol has already had some mods from its original condition so I'm not worried about devaluation....only want to be able to use it .