Alan got it right first - in terms of getting the details right. It's a Sistema Colt M1927 .45 ACP late of the Argentine Army. I was after details, because I knew you guys would get to the M1911 heritage almost instantly. You had to note the blued finish and fine serrations (as AW1 Tim noted) on the slide and remember I don't collect much commercial iron, to lead you to the Argentine models. Well done, folks.

Colt's pistol has an interesting history in Argentina. Depending on who you read, production started in either 1927 or 1945. All things considered, I lean to the 1927 date, though the only serial number info I've found runs from 1945 to 1960. If those numbers (from an Argentine source no longer on-line) are correct, this pistol dates to one of 8,011 built in 1951. This Sistema has the usual markings. Along the left side of the slide is a row of letters: "D.G.F.M. (F.M.A.P.)." These stand for Direccion General de Fabricaciones Militares (Fabric Militar de Armas Portatiles). Essentially the "Main Directorate of Military Industries (Factory for Portable Weapons). I'm sure Boquisucio will correct me if I've skewed it. On the right side is SIST. COLT 11.25 mm MOD. 1927, which stands for "Sistema Colt 11.25mm Modelo 1927."
The pistols were manufactured in Argentina on Colt tooling, with training provided by Colt technicians. Accordingly, the parts are interchangeable with any other standard M1911A1s, and I checked that with my own Remington-Rand 1943 produced pistol. There is another Argentine-built .45 caliber pistol, the Ballester-Molina (orignally known as the Ballester-Rigaud), which externally looks very much like a M1911, but is different in several distinct aspects, as AW1 Tim noted when he mentioned the different style of serration on the finger-grip for pulling the slide back. There were others as well, such as 1911A1 style finger cutouts by the trigger, but no grip safety and a flatter back-strap on the grip.
When the Argentine military adopted new pistols in the late 90s, many of their Sistemas were arsenal-refinished for sale in the U.S. at $300 or less. Since this pistol does not have import markings on it, it isn't one of those pistols, and has a nominally higher value.
There are some reports which state that these pistols don't wear well, because the Colt tooling was unable to handle the harder grades of steel we're used to these days. The reports of those problems also come from people who put over 1000 rounds through their pistol. I'm guessing, given all the iron I've got to choose from, I'll not get around to testing that theory. Heh. If I'm going to do destructive testing, I'll use *your* pistol, please.
This pistol is the latest acquisition to the Arsenal, and was a gift in return for the Armorer rendering some assistance in identifying some obscure weaponry for a book. You can find them now running in the mid-400's, though there are some predatory sellers out there trying to score a price equivalent to US-made and issued pistols, which run in the $800-2000 range, and higher, depending on maker, date, and whether or not they've been refinished. And no, John - this isn't one of Beau's hoard, though I'm sure he has one of these. Heck, he's got at least two Norwegians. Pistols, people. Pistols.
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