Sarco has P.38 .22 conversions...
 

From an email blast:

http://www.e-sarcoinc.com/walther-p3...sion-unit.aspx

Too rich for my blood!

$995 is way too much for me... :rolleyes:

I don't see a nut for the barrel insert...

Wow!! I also will pass on it, but there has to be a few folks considering it. These can't be all that available......or can they??

Am I wrong or a post war P38 in .22lr can be had for less than that?

Yup.

In some European countries, one is limited by the number of pistols one is able to own legally. Conversion kits effectively add an extra "gun" without affecting this number!

And in my European country a caliber conversion also counts as a gun. Go figure.

Not in Italy where these are called "parts" and don't affect the number of the allowed guns, as David just said.