For me, personally:
Luger prices start around $700 for a parts gun - broken, missing parts, ruined finish, etc.
The value goes up if it's a working gun ("Shooter") to $1,000 - $1,400 - mismatched parts, but in working condition.
After that, a luger needs to have all matching original parts and a good finish.
Bluebook for a 1918 DWM Luger in good condition is about $1,050 with 70% finish.
That's going to be the insurance value.
An accurate appraisal requires hands on inspection from a person familiar with lugers. There are several on-line dealers that will be happy to give you an appraisal if you send it in to them. (Legacy Collectibles and Simpson LTD).
So, as @Daniel76 suggested: do your research on-line. We can help you identify what you have, but not so much what it's worth. It's pretty hard to do if you don't know what condition the luger is in and without taking it apart (field stripping it).
In the best case, it's all matching 1918 converted to Police use around 1920. The full serial number is 3440a, with small parts numbered "40". Some of the small parts are supposed to be a straw (gold) color (takedown lever, trigger, thumb safety, springs) which wears off on lugers this old. The word GESICHERT on the safety area looks grey, it should be a yellowish white and the thumb safety lever should be straw colored, too. The barrel matches, but it may not have much rifling left.
Here are the last two Police lugers that sold on GB.
Neither one was a great pick:
A 1916 P.08 all matching, w/ chipped rear toggle pin, broken ejector and poor acceptance stamp markings sold for $1,225 6/11/2023 (wrong magazine with plastic bottom, after-market holster) – Not collectible
1920 P.08 DWM Police luger – originally commercial, mostly un-numbered small parts with C/N’s, a few mixed military parts (numbered toggle parts) and unit markings “S.M 407” sold for $2,250 on 8/2/2023 (Ohio Ordinance).
Being a Police luger can increase the value, particularly with a unit marking. It can explain why it originally an LP.08 (8" barrel) and converted to a P.08 style luger (4" barrel).
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