German Luger DWM Value?

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Normandy

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I recently acquired an early DWM German Luger, without close examination, for $400. I noted up front that it was reblued and highly polished, and had replacement wooden grips. Also, it's not a war-time pistol, having no proofs, and the s/n locations were different. As in, the date on the takedown lever pin is on the bottom, and the same for the side plate. So, definitely a commercial made early Luger, with last round hold open feature.

Took it to the range yesterday, and had bad performance. Round 1 hit 3-4" lo

w and left. Round 2 hit high and left about 3-4" from bullseye. Round 3 was low and right, and round 4 was high and right. There are a few traces of rifling, but the bore is nearly smooth, with a couple of pits.

The firing pin retainer came out of the breech block, and that was the end of my "fun". On closer exam, the breech block channel for the retainer is worn out. The retainer pin's little peg that goes into that channel is worn pretty much too. It appears that both need replacing.

A new barrel and breech block, both aftermarket, costs $225 + tax at Numrich.
I'm thinking that I'd be throwing good money after bad if I start replacing parts on an otherwise worn out pistol.

So, the question: Is a nice looking Luger worth $400 as a wall hanger?
Yes, I'm seriously just looking to get my money back out of it. Think I could get $400 for it at a gun show, being up front about the condition?
 
I'd fix it and keep it as a shooter. $625 total into it isn't bad at all for a functioning Luger that looks and shoots good, even if it has no collector value.
 
Relining the barrel might be a practical way to keep costs down too.

I agree that you'd be lucky to find a good, shootable example for much less than $700.

People often underestimate prices because they remember what the prices used to be the last time they looked, which might have been a while back.
 
It's worth rebuilding.
You won't lose any money on it on resale if you sell it honestly and explain what was done to get it into shootable shape.
 
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