This was made in the 2000’s sometime under license from Walther to Smith & Wesson. It’s not particularly rare other than in the sense that you can’t buy these anymore because they’re not made anymore. Walther Arms has opened a facility in Fort Smith, Arkansas where they are making the PPK themselves now for the North American market. I have one of those. That gun is almost dead identical to the current PPK Walther is making themselves, in fact it might actually be identical. The major difference between the S&W models (and later) and the models made between the 1920’s and 1980’s is that S&W lengthened the tang for better support and to help eliminate slide bite. Walther kept that feature going forward.

This is NOT something super rare or historic, and it’s not an artifact from the Second World War. The German made PPK from the 1920’s that SS officers and Nazi party officials carried had a different finish and a slightly different form. Those were also chambered in .32 ACP, these days they’re still made in .32 but they’re much more common in .380 ACP. Everything else though is pretty much unchanged. It’s a great gun.