This is an excellent example of an extremely rare commercial sales pre-war Walther P38 pistol with the Walther "480" code markings chambered in .30 Caliber Luger with the equally rare "Privat" frame markings. This rare P38 also have the very rare and early large pin head locking block pin, which was used for only a very short time. Any pre-WWII "480" code pistols is extremely rare with this being both having the Privat Commercial markings and chambered in the small very scarce early .30 Luger cartridge both indicate a very rare commercial sales pistol. These Privat markings has been a real enigma, however it is theorized that it indicated this pistol was identified as a commercial sale pistol at the time when the Walther factory was running only Military P-38s, which is probably correct; however no documented proof has established that fact. The "480" code P-38 were the first true Nazi Army contract pistols manufactured during WWII with this specific example being a first variation, fourth developmental series. This "480" code was used only from July to mid October 1940 before Walther switched to the "ac" code and based on this serial number of this pistol it was probably manufactured in August 1940. The left side of the slide has the standard "P.38" and "480", code markings followed by serial number "5009", with the right side having a single "Eagle/359" Waffenamt proof. The front edge of the slide, frame and locking block all have a "Eagle/N" commercial proof, clearly confirming this as a commercial sales pistol. The left side of the trigger guard bow has the early "480" code markings with the serial number "5009" stamped on the upper edge followed by "Privat". Since these were manufactured right along with the military contract, all the various parts will have an "Eagle/359" acceptance proof that includes both grip panels, the hammer, slide release, sear bar and sear. The grips are the correct and matching dark brown early ribbed plastic grips with the correct three mold marks on the back sides of each grip. Both grips are correctly numbered "009" which is the last three digits of pistol serial number over an "eagle/359" Waffenamt. It is complete with one Walther proofed unnumbered magazine that is marked with a single "P.38" on the left side and a double "eagle/359" Waffenamt on the spine. This pistol is identified and pictured in James Rankin's book Walther, Vol III, 1908-1980 (pages 100-101). With the pistol is a letter (photocopy) from James Rankin confirming markings and its rarity.

Excellent with 95% plus of the blue finish overall with edge and high spot wear with some light thinning on the grip frame. The grip panels are very fine with only minor handling marks. As noted this rare early P38 has matching numbers on all the parts. Certainly, a very rare commercial P38 pistol for the advanced collector.