Walt,
You're correct. The police of Saxony marked their weapons this way. In my database, I have examples of markings from the Saxon governmental districts of Dresden (S.P./D.), Leipzig (S.P./L.), Chemnitz (S.P./C.) and Zwickau (S.P./Zw.). Prior to 1932, there was a fifth district, Bautzen, which was merged with Dresden. The pistols from Bautzen have a more conventional mark on the front of the grip strap of the form SP.Bn.xxx.
I, too, would love to see pictures and know the serial number on this gun to add to my database.
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