Verified answer

...fortunately, for the most appreciative fans of the original 1931 version of "Frankenstein", a completely colorized edition of this classic film, never actually saw production. At the time that colorization of black and white movies was a novel suggestion (...and admittedly, there were SOME films, which underwent this process, and actually saw renewed life), Universal had considered colorizing this most classic of monster films, and had indeed taken certain sequences into development, for experimental and conceptual purposes; however, reception of this 'enhanced' footage was not very well received, and in the end, Universal chose not to colorize the complete film...

...the sparse footage of the film, which WAS colorized, did not just get filed away and shelved for posterity, though; Universal has actually used the footage, from time to time, in many of it's television and film productions, with the most widely known use being that of the '80's teen comedy, "Weird Science"...

...I have seen several websites, claiming to have, or have had a complete colorized 'official-issue' version of "Frankenstein", supposedly on laserdisc; however, no one can seem to produced the video cover art for such thing. If such a thing DOES exist, I believe that it probably lies within the realm of cinematic urban legend...