This variation is the rarest of all military P38 pistols and the first Walther pistol to use the "ac" code, with a total production of only about 2,700. This variation is marked "P.38 ac" and the serial number on the left side of the slide, absent of any date. The left side of the frame is marked with the serial number followed by an "eagle / 359" proof. The left upper front of the trigger guard is marked "ac". The right side of the slide toward the rear is marked with the German firing proof flanked by "eagle / 359" proof marks. The locking block is marked "720", and the sides have the correct proof marks. Most small parts are marked with the "eagle / 359" proof mark. Fixed sights, blue magazine stamped "7863" on the lower left side and two "eagle/350" proofs stamped on the lower spine. Fitted with two piece black Bakelite grips with a lanyard ring on the left side heel.

Professionally restored, the pistol retains 99% plus blue finish with a few light scratches on the slide. The grips are very good plus with a few minor scratches and showing very little wear. The proof marks on the right side of the slide have been restamped and overall the markings, (some highlighted in white), are clear and crisp. Mechanically excellent.