First of all the barrel has been shortened. I am no expert but I am thinking the engraving may be German in origin.

Hard to value things like this. Literally worth what someone would pay. Did you just buy it? It's worth what you paid. If gifted or inherited, it's really anyone's guess. The ivories are worth $400 +/- and a modified K38 is worth around $350 +/- add a couple hundred for the interesting art work and perhaps a total of $1,000-$1,200? But that's just my guess. Don't be offended if you paid more.

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