Interesting...

K32 manufacturing did start in 1948 with the first one possibly completed in 1949.
The key Id feature here being a "K" in the serial number.

so possibly the K-32 Hand Ejector First Model. Should be called "32 Hand Ejector First Model (pre K32)" or "32 Hand Ejector Target (pre K32)" made from 1938 to 1940.
Id being no "K" in the serial number.