Pictured on page 80 of the book "The P.38 Pistol, Volume 3" by Warren Buxton, this pistol started life as a Walther Model HP commercial semi-automatic pistol before being transferred to the Austrian Bundesheer during their 1955 re-armament. Per standard Austrian procedures the serial number was added to the left side, to be consistent with the P.38s in Austrian service (the original HP S/N is present on the top right side of the slide), while still retaining a set of military pattern "eagle/swastika" and "eagle/359" proofs on the right side. The slide legend is absent, but it appears to have started life that way. A letter "P" is on the left side of the frame beneath the grip; this marking is associated with commercial HP pistols, though the exact meaning is unknown. An "IAC" import mark has been added to the right side of the frame, which identifies the nation of origin as Germany instead of Austria. With a set of ribbed brown grips and a blued magazine marked "eagle/135" and "P.38v". As noted by Buxton on page 70, the IAC "Germany" import mark and lack of Austrian proof house stamps indicate a pistol purchased directly from the Austrian government instead of passing through the normal channels; he eyeballs the number known to be released this way as "between six and ten".

Very fine, with 85% of the original blue finish, showing mild spotting on the frontstrap, scratching on the slide, bright edge wear and mild handling marks overall. The grips are also very fine, with some light scuffs and scratches. Mechanically excellent.