So, far I can tell you that it is a police luger (sear safety and unit marking) made by DWM in 1920.
So they may or may not have been "officers" in the army, although most US GI's either didn't know the difference or didn't care to distinguish the difference
Value for police guns is a bit less, two matching mags for an army is much rarer, but not unknown for police guns.
Value is from $1500-$1800 perhaps a bit more, or a bit less in todays market...
What markings does the holster have on it?
Its the "army" style, so it might have been swapped at one time or not...
Ed