This is a beautiful example of a pre-WWII engraved Walther "RZM" marked PPK pistol. The pistol has been highly engraved with the traditional Germanic Oak Leaf and Acorn type engraving pattern overall with a fine line border around the various markings, a fine detailed punch dot back ground with some geometric cross-hatched designs. The engraving covers over 95% of the pistol. The lower front grip strap has two intertwined (possibly "PG") script letters. The serial number (829864) is stamped on the right side of the frame with the last three digits, "864" correctly scratched on the inside of the slide. The left side of the slide has the original Walther banner, the two line, Walther slide legend followed by "Mod. PPK," and the encircled "RZM" markings, all framed in a circular border. The right side of the slide, frame and barrel have the early commercial "Crown/N" proof marks used until approximately 1940. The slide is fitted with the standard sights and 60 degree safety. It is complete with a Walther marked magazine that has also been engraved on the underside of the base plate, along with a set of original early production mottled, brown plastic, checkered grips. It is complete with a wartime presentation desk type display case with a dark red felt interior. The case has a brown leather impressed floral border. The center of the lid has a 1 x 3 inch small silver presentation plate, that is marked with an unidentifiable name ( possibly "PFEFFE R/von/GULDMUR")on it that is flanked by two "RZM" markings.

Very fine with 90% of blue finish overall with only edge and high spot wear with some blue loss on the lower front grip strap. The grip is in very good condition overall with nice checking on both sides, with some slight warpage on the lower edges, with a stress crack emanating from the left grip screw bushing. Mechanically excellent. The brown leather case is in fine condition with the leather cover showing a nice medium brown color overall with minor areas of flaking of the leather around the edges and sides, remains with the silver presentation plate on top. The felt interior is 95% intact with minor wear from where the pistol was laying.