Designed and patented in 1856 by Henry North (the grandson of company founder Simeon North), approximately 450 of these revolvers were made between 1856 and 1859. A first prototype was sent to the Washington Arsenal for examination in June 1856, and its successful testing led to an Ordnance Department order for 100 more. These were delivered in June 1857, and additional orders would follow. In 1859, the company was reorganized as the Savage Revolving Fire Arms Company (Henry North had been an employee, but not a partner) and the design was improved to what is today known as the Savage Navy revolver. These would prove much more successful, with about 24,000 produced during the Civil War.

The Figure 8 has an interesting action which allows rapid fire without altering the shooting grip, unlike the contemporary Colt designs. It also has a cylinder that cams forward and back, to seal against the barrel when firing. It has a six shot cylinder, caliber .36, with a 7 1/8 inch long barrel and a weight of 3 pounds and 6 ounces.