This is an excellent example of a very 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 stamped 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 "3220" is located on the front of the barrel lug, on the right, rear 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 correctly numbered "220". 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. Both sights only have the partial paint remaining. It is fitted the early style checkered walnut target grips with the thumb rest on the left grip. The back sides of each grip are pencil numbered, with: "5" and "3217," only three digits away from the gun's serial number. It comes with two magazines; an early, commercial model with the slightly polished blued sides that has a faint number "35" on the spine and a later, unmarked matte blued magazine. It is complete with an unmarked brown commercial leather holster. This pistol is discussed/pictured on page 120 of "The P.38 Pistol: Volume I" by Warren Buxton.

Excellent with 98% of the original blued finish overall with only minor edge and high spot wear. The markings are clear and sharp, and as noted it has all matching parts except for the walnut grips. The correct period grips are excellent condition with only a few minor handling marks on the top, right side grip and the center section of the left grip. The checkering and stippling are both in excellent condition. The leather holster is very fine with nice tight stitching, showing only minor scuffing/scratches on the face and back side from handling and storage over the years. Both an exceptional and rare Walther Single Action Only HP, semi-automatic pistol in the scarce 7.65 mm Luger auto caliber.