Looks like a "lunchbox" gun to me. Doesn't appear to have ever had a serial number (front of frame doesn't look shaved to me, but I could very well be wrong). Also looks like an Erfurt firing proof on the barrel (photo isn't sharp enough to say for sure). I'm pretty sure that Ed is correct that it could be registered/transfered without a serial number and just list "NSN" (no serial number on the form). Alternatively, the toggle number, 27, could be used as it is the most visible number (other than the date) on the gun. If you can snag that gun for $500-$700 (particularly with a "real" holster) it is a good buy.
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If it's made after 1918...it's a reproduction
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