Suppose there were, at one time, unit marks that someone decided needed to be ground off?
Regarding repair, seems like welding up and reshaping the strap is one option, cutting the strap away and splicing in another strap is the second option.
Now mind you I have no idea of the enhanced collectability of the Vickers Luger, but on the DWM/Erfurt/Mauser guns the rebarrel and refinish alone would pretty much kill the collectability. But let's hope a serious collector chimes in here saying that is not the case here.
Pictures, pictures and more pictures please, once the gun is out of limbo.
dju
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