Alf,
This model is indeed quite scarce. I have seen only two for sale in all the years I have been collecting. It would be interesting to know why your friend has determined that the Bolivian he came across was made between 1925 and 1929.
What little information that is available about this variation indicates it is indeed a 1908 Commercial Model with commercial proofs. Kenyon estimates the date of production at 1909-1910 and his estimate of the total production is 500. I suspect that this is a bit high and Jan Still's estimate of 250 may be closer to correct.
They are not a separate contract series but, based on the serial number range, were drawn from commercial production to fulfill the contract to Bolivia. Perhaps Kenyon's estimate was based on the sparse information available to Harry Jones in the 1950's and the serial number he reported, which was 65470. I am pretty sure that the information that was provided to Harry had transposed the numbers and that example was actually 64570 as all of the other known examples are in the mid-64000 range.
While appearing similar to the Portuguese Luger markings, this very unique variation is the only model with the markings in Spanish. The extractor is marked CARGADO and the safety marking is SEGURO. The chamber is marked EJÃ??RCITO DE BOLIVIA - Army of Bolivia.
I am fortunate to have an example, SN 64575. It has been restored, but I am happy to have it in any condition.