This is a fine example of a very early "three digit" serial number, "480" code Walther P.38 pistol. The 480 Code was produced in late 1940 and represented the first true military contract pistol with only approximately 7,250 produced. This early production P.38 has the high polish blue finish and brown plastic, ribbed grips. The left side of the slide is marked "P.38", "480" followed by the serial number, with the "480" code also present on the left side of the trigger guard bow. The serial number (768) is marked on the slide, frame, barrel lug and locking block. The right side of the slide is stamped with two "Eagle/359" Army acceptance marks on either side of a military "Eagle/Swastika" firing proof. The right side of the barrel lug and locking block, are also stamped with the correct "Eagle/359" Waffenamts as well as on the frame, take-down lever, trigger, slide release lever, firing pin cover, and on the side of the hammer. It is complete with two original early P-38 magazines, both have the correct double "Eagle/359" Waffenamt proof on the rear of the magazine. They are for another 480 code and marked "P.38/657+" and "706". The pistol is complete with an equally rare early black leather flap holster. It is stamped on the back side: "GENSCHOW & CO. A.G./1940/BERLIN". It has a single Eagle/WaA286 Waffenamt with the large "P.38" in the upper right corner. The front of the holster has been marked "LAMBERT", obviously for the GI that captured the pistol.

Very fine with 70% plus of the bright original blue finish still remaining overall with wear on the edges and high spots, sides of the slide, and the front grip strap. The markings are clear and distinct. The grips are in very fine condition showing only minor handling marks on the face of the grips. The holster is also in fine condition with a nice black finish overall with tight stitching and clear markings on the back side. This rare pistol has all matching parts except the two magazine. A prime German military collector pistol for the advance P38 pistol collector that is seldom encountered in this extremely fine condition.