Thanks for the replies. I paid less than $150 including shipping for the pistol because I figured it must at least be worth that in parts. My gunsmith who has worked on many a Luger over the years didn't seem concerned about the pitting and seemed to think it would make a decent shooter after tracking down the parts.
Honestly the photos do make the pitting look worse than it is but I agree that there has been some serious damage done to the metal. Surprisingly the internals and the upper are actually very smooth and clean and it appears that the left side of the gun and the toggle got the worst of the damage.
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Someone who has spare parts could put it together, as a talking point. I have the parts, as would Doc, but you are looking at $200-$300 to just get it 'correct"...
But its pretty darn rough.
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I don't mind spending a little bit on parts and considering the condition of the pistol I wouldn't need or want anything in top condition. As long as the parts function correctly that's all that matters.