I have a BUG proofed '06 AE that is one of the most minty Lugers I own. It is #48710, Type V frame. The barrel markings have a halo but the GERMANY does not. However, it is possible that the front of the frame on this piece (#45650) may have had some touch up...I don't think so but it is hard to tell due to the angle and glare of the photo. Given the overall condition of the gun, this to me is inconsequential.
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If it's made after 1918...it's a reproduction
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