Some of the "Red 9" contract C-96's were stamped with the Imperial eagle on the front of the magazine. The original grips were as you indicate; 24 groove. Most, but not all, had the "9" carved in the grip and filled in with red paint. The serial number places it in the 1 - 150,000 range of the Red-9 which had it's own serial number block. The 5.5 inch barrel is correct and the sight distances are proper. The right side of the chamber should have a German military acceptance stamp. The finish on these guns was not up to normal Mauser standards and there were lots of tool marks, poor polishing and often the grips didn't fit particularly well.
The source for my information is the book "System Mauser" by Breathed and Schroeder.
Another possibility is that it's chambered for the longer cased 9mm Mauser Export cartridge. A 9mm Luger cartridge should recess into the chamber much too far if it's the export chambering. It's a rare chambering and cartridges haven't been made for it in years. But, it may be possible to load for it so don't dismiss it if that's what it turns out to be. Besides, it's worth more on the collector's market than a standard 9mm.
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