P38s have the SN on 4 parts: the frame, slide, under the barrel and internally on the locking block. Regarding the other posts by everyone else - I think everyone is jumping the gun a little on the value by assuming that the gun is all matching. The internet by itself will prove most of what you said to be wrong. I don't mean to be rude to you but I hate to see misinformation about this stuff and then you insisted that you were still right. My knowledge comes from extensive reading about them, CORRECT books and the fact that I own two nazi P38s, a AC 43 (how about that!) and a CYQ. You mention you lived in Germany but that really tells us nothing about your knowledge of firearms or P38s. AC43s are one of the most common nazi P38s but are still cool. Some of the rare more valuable models are the HPs which are pre war, and the 480 code, which Walther used before AC. I don't know of any book which would have such erroneous info on P38s but if there is a book thats as wrong as you claim or you prove it to be for that matter, it should be tossed into the garbage before it misinforms someone else - post haste. AC referring to Walther and 43 referring to 1943. Since the gun plainly says AC 43, it cannot be prewar. First of all, the SN by itself cannot date the gun, because you must consider the make WITH the SN, Walther, (AC or 480), Spreework (CYQ) or Mauser (BYF or SVW). I'm afraid Mr Keenan is completely right.

I see no reason for anyone to deceive him about its value. What TTUBOB87 has is a nice pistol, and a wonderful souvenir. By that time, magazines were not being numbered to the pistol. Typical good condition P.38 holsters run around $65 with a few topping $100, and original 'v' magazines as issued with that pistol run around $65-80. There were Walther HP and MP pistols, but the gun pictured is not one of them.) (The '38' in P(istol).38 is the year of adoption, so there were no P.38's prior to that year. For a few months, they used the '480' code the 'ac' code was first used in 1940, not in 1937.

The first P.38's had no code marking they had the Walther banner. NO P.38's were made in 7.65 a P.38 by definition was a German service pistol, not a pre-war Walther commercial, and service pistols were made only in 9mm Parabellum, not made in 7.65 Parabellum. I have no idea where that value information came from, but it is clearly erroneous. Sorry, Winterhawk 56 and guys, but that is a run-of-mine 1943 (mid-war) Walther, not a pre-war and in nice shape it is worth probably $700-900 retail, not $5000 or $12000.

Walther p1 value