This is a rare example of a Commercial production Walther Model HP pistol that was manufactured in the early third developmental stage of production in mid to late 1940. In the book "The P38 Pistol" by Warren Buxton, on page 118, it is estimated that approximately 145 were produced, with only "12" examples documented at time of publication. This was the only time the 7.65mm caliber was produced on a standard production basis in double action. These early Walther HP commercials are very rare as so few were produced with most seeing use during the war and/or refinished/altered after the war. The left side of the slide is marked with the Walther banner followed by the two-line factory legend, caliber and "Mod. HP"; the caliber marking is "9 m/m", suggesting an error at the factory or an early production model before the 7.65mm dies were in place (this example is 3 digits behind the reported start of production). The serial number "2954" is located on the front of the barrel lug, the inside of the slide, on the right side of the frame above the trigger guard and on the locking block. It is fitted with the very early style push button locking block release, external extractor, and checkered grips. A fine Walther "wood grain" box is included, with a hand-numbered matching label on one end of the lid, and a blued magazine inside marked "P38". Importer marked "Woodcock Hill Benton PA" under the right grip panel.

Excellent, with 97% plus of the bright original high polish blue finish, showing some light scratches, bright edge wear, areas of brown and gray patina and light handling marks. The grips are very fine, with some scuffing. The box is good, with taped repairs, worn edges, and scuffing. Mechanically excellent.