There has always been a bit of mutual tension between investors who are obsessed with value, appreciation, and condition on the one hand, and true historical collectors on the other hand who see guns as historical artefacts and are generally less interested in condition, but primarily in the documented, verifiable story, or better history.

To be sure, there are people who bridge both categories and combine knowledge and money, so no offense intended to anyone specific.

As was said above, “buy the gun, not the story” may apply to unverifiable BS told by sellers to help sell a gun. On a lot of guns, the story is what sells the gun. That is the reason why some collectors pay a few thousand dollars extra for a 500-dollar Walther PP because it has a (hopefully genuine) stamping of a Nazi agency on the slide or grip frame. The story just happens to be stamped on the gun.

But a gun like the OP’s, with a less than perfect refinish but a very interesting letter, is definitely a case for true collectors, not investors. The looks make it unattractive to condition Nazis. But the story is first-rate documented history.