Manufactured before the outbreak of World War II, the left side of the slide bears the traditional markings of Walther Banner, "Waffenfabrik Walther, Zella-Mehlis (Thur.)/Walther's Patent Cal. 7,65 m/m" and "Mod.PPK", along with an etched circular "RZ/M", the logo of the Reichs Quartermaster Office. Over 95% of the surface is covered in finely executed engraving, chiefly showing a traditional German oak leaf and acorn pattern with punch dot backing, with feathered and dotted borders and checkerboard patterns on the trigger guard and chamber. A pair of silver inlaid SS runes are present on the right side of the slide, ahead of the ejector port. Equipped with a 90 degree safety and a set of checkered one-piece wrap around grips.

Very fine as attractively embellished, with 95% of the blue finish, showing some bright edge wear and handling marks overall, along with scattered tiny patches of shallow pitting. Grips are fair, with a crack extending from the screw on each side. Mechanically excellent.