This is a rare example of a Commercial production Walther Model HP pistol that was manufactured in the third developmental stage of production, around September of 1940. In the book "The P38 Pistol, Volume One" by Warren Buxton, on page 118, it is estimated that approximately 145 were produced, with only "12" examples documented at time of publication. It is further noted that this range was the only known time the HP went into full, albeit limited production, with other examples chiefly being special orders. 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 6 digits behind the reported start of production). Two barrels are included, one in 9mm with a small locking block piston and the other in 7.65mm with the less common enlarged piston, though both are matching numbered on the front of the barrel lug and the underside of the locking block, and both bearing "eagle/N" proofs on the right side of the lug. Additional matching numbers are present on the interior of the slide and the right side of the frame. A fine Walther "wood grain" box is included, with a hand-numbered matching label on one end of the lid, containing a cleaning rod and a "Walther" banner marked storage tin, as well as a police-style brown leather holster with ink-stamped Stockholm merchant mark inside the flap.

Very fine, with 80% plus original blue finish, showing bright edge wear, areas of gray patina, and mild handling marks. A bit less wear and handling is visible on the 7.65mm barrel. The fine grips show some light scuffs and dings, with the checkering otherwise sharp. Both the box and holster show wear and staining appropriate to age, the former with some torn edges and the latter with some loose stitching and cracking of the hinge. Mechanically excellent with both barrels.