This is an excellent example of the very desirable fourth developmental stage, "Zero" Series P.38 pistol (usually called 3rd Model Zero-Series). All of these Zero Series P.38 pistols are very significant as they track the various production changes that occurred throughout the early production cycle at the Walther factory. These fourth stage pistols went through numerous design changes on the frame, slide and locking block area to improve the producibility and lower the overall production cost of these pistols. This fourth stage became the final production model that became the standard P.38 production pistol which was used thoughout WWII. These Zero Series pistols are characterized by the "0" in front of the serial numbers, the high-polish commercial blue finish, with commercial type slide markings on the left side with the German Walther factory Waffenamt proofs on the right side. The grips are black plastic/bakelite with checkered panels on both sides with a rounded lanyard ring on the lower left side. The left side of the slide is marked with the Walther Banner followed by "P.38" and the serial number, with a double "Eagle/359" Walther factory proof along with a single "Eagle" firing proof. The various parts all carry a small "Eagle/359" Walther proof with a matching serial number on the front of the barrel lug, left side of the frame and left side of the slide. It is fitted with a correct matching locking block that carries the last three digits "365" of the serial number, along with a single "Eagle/359" Waffenamt on the right side. The grips are numbered "365", matching the pistol. It is complete with two wartime magazines one with a single "P38v" located on the lower left side of the magazine body and the other marked "P38". Also with an original 1942 dated P.38 holster that has a single "Eagle WaA392" Waffenamt on the back.

Excellent overall with 97% plus of the original pre-war blue finish with edge and high spot wear. There is some slight thinning and wear to the blue finish on the front grip strap. Mechanically needs awork as it functions in double action only. The backsides of the front and rear sight were painted at some point (which can be easily removed without damage to the blue), and the grips are also excellent with nice checkering on both sides. The holster is very good plus with nice tight stitching overall, clear distinct markings on the back, and minor edge scuffing to the leather on the various high spots. An excellent example of a scarce Zero Series P.38 pistol.