Manufactured in 1940, the "480" code Walther P.38s were the first full production run of military P.38 pistols, having benefited from the lessons learned during the "Zero Series" P.38 run. Fixed sights, with the left side of the slide marked "P.38 480", followed by the serial number and the right side has the "eagle/swastika" and "eagle/359" stamps. The "359" proofs are present on several components and matching numbers on the frame, barrel, locking block, both of the ribbed brown grip panels and on the left side of the blued magazine.

Very fine, with 80% of the original blue finish, showing bright edge wear, mild spotting, the start of a brown patina on the front strap and mild handling marks. The locking block retention spring is absent, and the locking block may be renumbered to match the pistol. The grips are excellent, with a few minor handling marks. The safety lever hangs up a bit when decocking the hammer, otherwise mechanically functions fine.