Known as the "Mexican Target Model," this is the finest known example of the approximately 2,000 S&W .38 Military & Police revolvers produced to meet a Mexican order. These revolvers were completed with inventoried parts manufactured prior to World War II and are distinctly noted for the pre-war style micrometer-click rear sight and unusually tall gold-bead front sight. Most were shipped to Mexico in 1945 and 1946 and delivered to their Mexican distributor, famed OSS veteran and hand-to-hand combat instructor Col. Rex Applegate who co-developed the Applegate–Fairbairn fighting knife, a version of the Fairbairn–Sykes fighting knife. Following World War II, Applegate spent nearly two decades in Mexico as a firearms distributor and riot-control consultant for Latin American governments. Small quantities of the Mexican Model 38 M&P Target were shipped to Uruguay and Costa Rica and even fewer units made their way to dealers in the U.S. According to the included factory letter, this revolver was one of 2,091 manufactured in 1946 and was held in inventory. S&W historian Roy Jinks states that some of the inventoried revolvers were shipped as late as 1960 but, due to their age, were "not recorded as shipped in the factory logs." The revolver has standard S&W factory markings with "MARCA REGISTRADA" stamped under the S&W logo on the right side plate, a high pinned front target sight, an early S&W micrometer adjustable rear sight and Magna grips. Matching serial numbers are found on the butt, barrel, cylinder and right grip panel. The assembly number "79111" appears on the yoke and crane. The original factory gold box is numbered to the gun. A screwdriver, bore rod with attachment, "Helpful Hints" pamphlet and customer comment card are also included. Provenance: Ray Cheely Collection, Chad Gripp Collection.

Excellent plus. The revolver retains over 99% original blue finish showing traces of a cylinder drag line. 99% plus original case colors remain on the hammer and trigger. The grips are near new with crisp checkering. Mechanically excellent. The box is very fine showing some scattered minor wear and some handwritten notations on a short end. A high conditioned and rare revolver--one that will never be duplicated--for the serious S&W collector!