Rod,
I am sure George gave you a great analysis by private message. But since you asked your question on the Forum I thought I might provide a few observations and give others the opportunity to chime in.
A serial number of 31,5xx places your Luger fairly early in the 1906 American Eagle production, certainly well before the advent of the artillery model in 1913. Also, the serial number is a bit high for the known examples of 1906 Lugers manufactured with a stock lug, so that makes the connection to an artillery style Luger even a bit more difficult. Does your Luger have the artillery type rear sight on the barrel and is there a stock lug? John has correctly stated that the King sight is an aftermarket item, but period correct and a neat addition. It is possible that this was a special order Luger with a custom barrel length, possibly part of a multi-barrel length set. That is a long shot and depending upon the answers to the questions I posed, it seems more likely to be a gunsmith customization of a 1906 American Eagle. I would really like to see pictures since it sounds like a very interesting and neat piece.
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If it's made after 1918...it's a reproduction
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