This is an excellent example of a rare "single action only" commercial Walther Model HP pistol chambered for the 7,65 mm Luger auto cartridge. This model was manufactured in the third developmental stage of production in approximately September 1940. The serial numbers for this model of Walther HP pistol general falls between 3105 to 3259, indicating that approximately 150 could have been manufactured, but less than 12 are actually documented in existence today. As noted, it is chambered in 7.65 mm Luger, single action only design with the very desirable checkered walnut target grips with the raised thumb rest and exceptional high polish blue finish. Additionally, it has the early designed stamped trigger without a trigger stop, a milled hammer and the early "large headed" push-button locking block release. The left side of the slide is marked with the Walther Banner followed by the two-line factory legend, Cal. 7,65 m/m and "Mod. HP". The serial number "3239" is located on the front of the barrel lug, on the right inside rail of the slide and on the right side of the frame above the trigger guard. The bottom of the locking block is also numbered "239". The right side of the slide, frame and barrel are stamped with the early commercial "Eagle/N" proofmark. It is fitted with an early commercial magazine that is only marked "P.38" on the lower left side. It has the desirable early commercial fixed sights, with the raised and slightly pointed front sight blade with the white painted back side and the early wide rear sight that is also painted red on the back side of the sight. As noted, it has the early style checkered walnut target grips with the serial number "3239" and "5" written in pencil on the back side of each panel. This pistol is discussed/pictured on page 120 of "The P.38 Pistol: Volume I" by Warren Buxton.

Excellent with 98% plus of the bright, original, high polish blue finish overall with only minor edge wear. The markings are clear and sharp. The walnut grips are also in excellent condition with nice, sharp, distinct checkering overall on the sides and rear of the grips, and both sides only showing some minor handling marks. Mechanically excellent. This is an exceptionally high condition, very rare, early single action only Walther HP pistol chambered in 7.65mm Luger.