This are crude repros...I bought one for $ 50 or so out of New Zealand just to see the quality. I use it in the garden now...
Here is a nice looking rod a LF member posted in the past :
Ken Kontos at MidWest Firearms also sells a repo for around $ 165...much nicer than the example you have...he sells them for $ 165 on his own web site, but offers them for sale on e-Bay for $ 300...waiting for a foolish buyer, I guess...
http://cgi.ebay.com/WWI-Luger-Navy-C...QQcmdZViewItem