It is hard to say. Many Swiss Lugers were refurbed by the Swiss as part of routine periodic maintenance. It could be a modern restoration but more likely an old Swiss refurbishment or it might be original. I might opt for a refurb for two reasons: 1) I seldom see the inset frame latch for the toggle lock that is that visible, it usually blends in with the side rail with only two very light lines; 2) A piece that early would have had an unrelieved frame...this one does not as evidenced by the standard magazines, so it could have been "freshened up" when the frame was retrofitted for the raised button magazine.
Nice looking piece and not out of the ordinary finish-wise for a Swiss.
P.S. Model 1900 Lugers are among the best finished production firearms. You have to look very close to see any milling marks at all, and often there are none.
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If it's made after 1918...it's a reproduction
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