Produced in limited numbers, the Beretta Model 1931 and 1932 were the forerunners to the Model 1934, one of Italy's mainstay sidearms of the Second World War. The 1932 is the rarer of the two, with only about 1000 believed to have been made, with this one being a transitional model, retaining the "PISTOLA BERETTA 765 BREV. 1915-1919 Mo1931" marking on the slide while showing the more contoured back strap of the 1932. Blade front and dovetail rear sights, with matching numbers on the slide, frame and barrel, "BF" and "shield" stamps on the left side of the frame, and smooth grips with "R(anchor)M" Royal Italian Navy medallions. Pictures of this pistol can be found on page 62 of "Beretta Automatic Pistols" by J.B. Wood, who describes the pistol on the facing page, noting that the Model 1932 is "perhaps the rarest of the regular production guns".

Very fine, with 80% of the original blue finish, showing mild brown spotting, bright edge wear and scattered handling marks. The grips are also very fine, with some dings and dents. Mechanically excellent.