It is my opinion that the 150 mm in caliber 7,65 mm would be the correct caliber for this 'target-sporting' pistol in the late 1930's. If we consider another type of target pistol made around the same period (1938-39), it would be the extremely rare Walther HP (in single-action with a wood grip) also chambered for the 7,65 mm cartridge and not the 9 mm cartridge. It has been reported that the 7,65 mm cartridge was the preferred cartridge for target shooting (in calibers larger than .22 LR) than compared to the 9 mm cartridge because the former had a flatter trajectory. When the P-38 in caliber 9 mm was adopted by the German Army, the 7,65 mm cartridge continued to be used in the commercial market (such as the Mauser Swedish Commercial Luger) and for target shooting.
After having the opportunity to examine #P603 with a 150 mm barrel, which is absolutely genuine without a doubt (except for the wrong magazine), I believe that these long barrels were supplied from another manufacturer, possibly Mauser. The hue/tone of the salt blue on the long barrels tend to be a shade lighter in color as a result of the different density/hardness of the metal than compared to the rest of the pistol which leads me to believe that the barrels were not made at the Krieghoff factory.
I could be wrong in my opinion, but my logic leads me in that direction.
Albert
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