Manufactured about January to April of 1940, this is a "First Variation, Second Developmental Stage" HP Pistol (as defined in Buxton's P-38 Pistol Volume One), with the "H" serial number prefix. This prefix is strongly associated with pistols destined for export to Sweden, which had planned to issue the handgun as the m/39 to their armed forces. The Swedes had intended to replace their current pistols with the Walther, however WWII and their neutral status meant they couldn't purchase sufficient pistols or spare parts from Germany, which led to the adoption of the m/40 Lahti pistol instead. The pistol has standard markings and commercial proofs including matching visible serial numbers. The magazine is numbered a digit off at "1390". Included with the pistol is a pair of finely checkered and varnished hardwood grips.

Very fine with 90% plus of the bright original blue finish, showing some bright edge wear and scattered handling marks. The left side of the frame bears a small Simpson Limited import mark. Both sets of grips are very fine with a few light dings and crisp checkering. The hold open needs adjustment, otherwise mechanically excellent.