Steve,
This is a much better photo although it still leaves some questions.
Forget what I said about Saxon police markings. This photo does not show what I thought I saw.
I agree with George that the
PB. on the bottom represents the Prussian police school at Bonn. This school was opened in September 1926.
I still can't read the upper mark. Perhaps it is
P.Bg. representing the Brandenburg police school as specified in the 1922 marking orders. This school was located in Neurippin and was closed in September 1926, the same time the Bonn school was opened. It would appear that the same weapon number
691 was used in both marks. Perhaps some of the weapons of the school at Neurippin were transferred to the Bonn school and kept the same numbers. Here is an example of a
P.Bg. mark that has been x'd out:

In this instance, the gun was transferred to the Schupo of the D�¼sseldorf district.