It certainly does Tom. I just picked it up recently but they are pretty rare around here. I'll probably leave it as it is - I don't mind poor condition if it's part of the weapon's history. I think that this one saw service in WW1 as it has an eagle proof as well as the crown/N. I also have one other early Walther - a Model 9 1st series. Here's a pic:
http://boards.rennlist.com/lfupload/WaltherM9.jpg