Manufactured in 1939 as a part of the early "Zero Series", which along with the other issues of the series served as test production runs of the P.38 pistol for issue and field testing by the German military before formal adoption. These were the first production run of the P.38 to follow a consistent mechanical layout on a serial production basis, commonly referred to as "concealed extractor P.38s" by collectors due to the recessed location of the extractor that does not protrude from the side of the slide, as referenced on page 166-169 in "The P.38 Pistol: Volume I" by Warren H. Buxton. With a serial production estimated to not exceed 965, this relatively small number of pistols faced hard use as some of the first issued P.38 pistols for the German army, making early Zero Series pistols in very fine, let alone exceptional, condition with matching components exceedingly rare and highly sought after by serious collectors. Features fixed blade front and notch rear sights, checkered takedown lever, and a scarce rectangular firing pin also referred to by collectors as a "square pin". The right of the slide is marked with "eagle/359" and "eagle/swastika" proofs, with the left side of the slide marked with "Walther banner" and "P.38", along with more "eagle/359" proofs stamped on multiple components. Matching visible serial numbers on the barrel, slide, and frame, with matching "268/a" partial on the locking block. Fitted with a pair of checkered black polymer grips with "eagle/359" proofs and matching "268" partials, along with an unnumbered "eagle/135" proofed and "P.38v" marked blued magazine. Includes a "P.38" marked experimental black leather flap holster and extra unmarked magazine. Also accompanying the pistol is a "A-G USFET Form No 33" and "OFFICIAL/HEADQUARTERS UNITED STATES FORCES EUROPEAN THEATER" marked capture certificate, listing "1. Pistol Model P-38 Cal. 38 #0268/Nothing Follows" as the trophy of a Pvt. Lewankski of the "Mg. BN. Batt. A", dated Dec. 6, 1945.

Excellent overall, retaining 90% plus original Walther factory high gloss blue finish with light holster pattern edge wear, minor handling marks, crisp grip checkering, and minor specs of oxidation on the grip straps. The holster is excellent with minor flex marks on the flap. Mechanically excellent. A truly standout example of the earliest confirmed serial production P.38s, preserved as captured by a U.S.G.I. during the occupation period after the war in Europe ended in May 1945.