Congrats on this one, too. Sometimes police Lugers were refinished, but whoever did this job was quite heavy-handed with the buffing, which is why the serial number on the front of the frame, as well as the unit marking, look a little "faded."
Intact mag safeties aren't encountered very often, so that is a plus for collectibility, but the improper refinish is certainly a minus. Re-strawing the small parts would make it look better, and you can do that in a toaster oven!
The smooth replacement grips are actually attractive, but check on their back sides to see if they were original, numbered to the gun, and had their checkering removed. If so, sometimes it's possible to re-establish the pattern and make it look closer to original.
We hope to see more pics when it reaches home.
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"... Liberty is the seed and soil, the air and light, the dew and rain of progress, love and joy."-- Robert Greene Ingersoll 1894
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