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Why would you store a 1911 like that? Hammer down is not cocked and locked and is a stupid way to store a SAO pistol. There is nothing wrong with condition one.
 
Condition 2 is the worst of both worlds.

Under stress, the shooter will lose the chambered round doing a tap/rack. Or worse, fumbling with the hammer with a finger on the trigger, slipping and getting a ND.

As Bile said, Condition 1 if getting ready for a serious encounter or on Load and Make Ready command. Condition 3 if you live in Israel.
 
Condition 2 is pointless and potentially dangerous. If you buy a single action pistol, and live somewhere that allows you to carry it, do so properly, Condition 1 if readiness is required, Condition 3 if not. If readiness is not required, why bother carrying a great big hunk of metal. In which case, lock it up. To be clear, there is exactly one way to correctly carry such a pistol, Condition One.

Note regarding half #### - the half #### notch is a safety device, intended to prevent the gun from firing if dropped, as such it is not a place to put your hammer while you make up your mind if you want to carry a loaded gun in a proper fashion. Deliberately carrying a gun on half #### is the dumbest thing you can do. Hence we have an expression "don't go off half cocked"
 
I doubt the OP account. All 1911s have an inertia firing pin, it is shorter than the firing pin channel. If the hammer is down you can hammer on it all day and not get a discharge. You'd have to do unmentionable things to get the case described. I'd suggest that the hammer was at full ####, the safety was not on, something had compressed the grip safety, and the trigger snagged on something in the holster, I.e. Four things are needed for a 1911 to fire, unless of course the gun was mucked about with by someone who screwed it up.
 
Carrying a 1911, or any other SAO pistol, in anything but Condition One is pointless at best, negligent at worst.

There is nothing particularly wrong with cocked-and-locked; it is standard practice with longarms. The real issue is that it is mostly prevalent in older pistol designs that may not be the best choice as a sidearm for other reasons.
 
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