This is an example of one of the approximately 7,250 P.38 pistols produced with the "480" code markings. The 480 Code was produced in late 1940 and represented the first true military contract pistol. This example is an earlier production P.38 with the high polish blue finish, reddish brown ribbed Bakelite grips and rounded lanyard loop. Almost all external markings are highlighted in white. The slide is marked "P.38 480" along with the serial number on the left side. The "480" code is also present on the left side of the trigger guard bow. Two "Eagle/359" Army acceptance marks on either side of a military "Eagle/Swastika" firing proof are stamped on the right side of the slide. Additional "E/359" stamps are located on the left side of the frame, right side of the barrel lug and locking block, takedown lever, slide hold back, slide in front of the rear sight and hammer. The "Eagle/Swastika" proof is stamped on the left side of the locking block with "140" on the bottom. The serial number is marked on the front of the barrel lug and the left side of the frame above the trigger guard bow. The lower left side of the magazine is marked "P 1/9mmx19".

Excellent. The pistol retains 80% plus original blue finish showing scattered thinning and high edge wear. The slide has areas of smooth gray patina and some pin prick type pitting. An underlined "A" has been scratched into the right front of the slide and barrel. The grips are excellent with "ALL 10-13-70" scratched into the upper right panel. Otherwise the grips show little wear and light handling marks overall. All markings remain crisp and clear. Mechanically excellent. The 480 code Walther is a rare find and is even rarer in this nice of condition. This P.38 would make for an excellent addition to any WWII military collection.