THAT is a well worn veteran, possibly dug up, or from Louisiana? It needs, no begs for a total breakdown and thorough cleaning with liberal use of WD-40 to push out moisture. Then remove rust & crude with a brass brush, wipe each part down and insure all parts move smoothly, then put it back together and insure pins all seat properly. Check that the receiver axle is pushed in properly with the lip seated. Also insure the coupling link engages the recoil lever properly. I bought a P.38 in similar condition from Louisiana and thought it probably went through Hurricane Katrina, with immersion for several weeks.
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