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+1 with Jim. The markings indicate standard German military issue, and certainly no issue pistol ever looked like that. The engraving is not bad; after the war, work of that type was often done in Germany for GI's on souvenir weapons. The cost is indicated by the fact that it was commonly called "carton of cigarettes" engraving, though that is a bit better, maybe a case of rations or two cartons of cigarettes.
Value? I don't know. As with any custom work, beauty is in the eye of the beholder, and that gun would not be to everyone's taste.
Jim
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