This is a late WWII or early post war assembled P38 using an early zero-series frame with the late war (ac) marked slide and early commercial barrel. Based on the late wartime demands on the German Army, the Walther factory started substituting early left over production parts into the military contract pistols. This example is a blend of the early commercial frame and barrel with a late war slide. The early frame is correctly marked on the right side with only the serial number "026851" while the slide is a correct military model that is stamped on the left side "P. 38/ac-45" however it is numbered on the right front rail in the zero-series commercial manner. The slide does have a single "Eagle/359" Waffenamt proof, along with a eagle firing proof, but does not have the second "Eagle/359" acceptance proof. The barrel is also numbered on the front lug in the commercial manner with the full zero-series serial number with no acceptance proofs. The locking lug is numbered to the pistol (851) and is marked with a single German Eagle firing proof and single French star proof on the left side. It is fitted with standard late WWII brown serrated bakelite grips with the wartime mold numbers on the back sides. It has a single wartime magazine that is marked on the side "P38v/U" with no other markings or proofs.

Very fine with 90% plus of the wartime/arsenal type blue finish with clear sharp markings. The grips have only minor handling marks. Mechanically excellent. The various parts have matching serial numbers except the magazine.