This is a very fine example of a scarce early Walther "ac40" code P-38. The left side of the slide is marked "P.38 ac/40" (stacked) with the serial number "704b" stamped below the safety lever. The right side of the slide has the double "eagle/WaA359 Waffenamt proof with the single eagle firing proof. The left side of the frame is marked with the serial number and "eagle/359" proof. The early "ac/40" code on the trigger guard bow. The front of the barrel lug is marked "704b" and the underside of the barrel lug is also stamped "ac". The bottom of the locking block is marked "704/b" and the left side has a small "eagle/359" Waffenamt proof and a small "eagle" firing proof on the opposite side. The "WaA359" Waffenamt stamp is on most major parts and some of the small ones. The grips are brown bakelite plastic, and the matching magazine is marked "P.38" on the left side with the front end of the floor plate stamped "704b" and a single "WaA359" proofs on the spine.

Very fine with 80% of the original blue finish remaining with edge and high spot wear and the front grip strap showing a gray patina. The grips are both very fine with a nice matching color overall and minor handling marks. Mechanically excellent. As noted this fine early example has all matching numbers to include the magazine.