Bruce, welcome to the forum and congratulations on having a very nice family heirloom.
The markings H.P.197. on the front grip strap and right side of the receiver indicate this was Luger #197 of the Hessische Polizei, the Weimar-era state police of Hessen. The number 7224 is part of the serial number of the gun. There is very probably a lower-case script "u" beneath this number on the front of the frame. If so, the full serial number is 7224u and it was manufactured by DWM/BKIW in 1929, just before they transferred all their Luger manufacturing equipment to Mauser in early 1930.
I can't tell if you have one or two magazines with this rig. It is likely that they are also marked H.P.197. on their spines. The takedown tool in the small pouch inside the cover of the holster may also be similarly marked.
It appears you may have a complete matching rig which is very, very desirable.
I will let others weigh in on value since this is not my area of expertise. However, one issue you will encounter is the fact that the stock lug on the rear grip strap has been ground off. To many collectors, this will be a strong negative because they believe this was done by someone here in the US who misinterpreted Federal gun laws. I am convinced that the stock lugs were removed from these guns either before or just after delivery at the insistence of French forces occupying parts of Hesse and that it is a true Luger variation. This is explained in much greater detail in Chapter 16 of my book, History Writ in Steel as well as several posts on this and Jan Still's forums. Nevertheless, long-held opinions change slowly and this will detract from your rig's value in many collectors' minds.
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