Most definitely a Victory Model. Specifically, it's what's referred to as a K-200 or pre-Model 11. This was a standard M&P (pre-Model 10) chambered for the .38/200 British cartridge (our .38 S&W).

The V serial number prefix makes it a war-time gun, originally with a parkerized finish. The BNP 3-1/2 Tons is a British military proof mark. These guns were all built on the K-Frame.

With the Parker-Hale stamping on the front sight, the gun may have been one of many that was "converted" to .38 Special after the war to make them more saleable. Some of these conversions were pretty bad while others seem to be fair enough.

One serious problem is that some conversions were bored all the way through the cylinder. This would allow the gun to chamber a .357 Magnum cartrige which will destroy the gun. Other problems included off-center boring, oversized chambers and rough chambers.

Because the original .38 S&W cartridge is both shorter and fatter than .38 Special, even a well done conversion will cause the .38 Special brass to 'bulge' in its lower half and often times cases will split or partially split.

My father bought one of these 'converted' .38's in the post-war years ($38.50 mail order and delivered to the door USPS!). It seems to be one of the better conversions. Cases don't split often, it doesn't spit lead and it's moderately accurate.

Values on converted Victorys is quite low. Arfmel is probably right - about $125 as a plinker. Winchester and Magtech still make .38 S&W cartridges if you want to shoot it with the original load.

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BillCA in CA (Unfortunately)