The Colt style V spring and rebound arm lockwork is not at all unusual inside the Spanish S&W copies.
But I don't see any Spanish proofs or maker marks or initials.
The front face of the fame seems to have been mfg'd by adding a section to lengthen it forward. I think I am seeing a seam there running around the entire frame both sides.
Spanish and some other outback backyard mfg'ing facilitys could use some awkward looking methods to achieve the desired results at times.
That S&W Logo on the side plate is entirely hand cut/engraved.
Some of the lettering fades to nothing as if the engraver was unsure of the spelling . A couple letters are just the wrong guess.
re: that MADE IN' marking.
Looking closely at it,,the E in MADE and the word IN are from a Stamp or die marking.
The MAD is hand cut or a hand engraved enhanced poorly struck die stamping.
A couple of guesses as to what is going on..
Perhaps the entire marking was supposed to be was a die struct MADE IN (SPAIN ?)
The parts that marked but not entirely clearly were re=cut by hand.
The Country (assuming Spain here) didn't strike at all.
Nothing to 'touch up' so nothing was engraved there.
(It wasn't unusual for 11 and 12y/o kids to do the simple lettering and marking on many of the cottage industry guns of that time made in Spain)
Or maybe,,
The word 'Spain' might have been intended to be marked by the proof house. That was common.
Since no proof marks on the gun (yet?), maybe it just hadn't made it that far down the mfg line.
Just another guess of course.
There's the possibility the gun could be from the other side of the globe too maybe. China or Asia copy's.
Unmarked, unusual methods of mfg'r and copys of Western world lettering that sometimes makes no sense when we read it.
Interesting pistol.
I wouldn't give any gun to a gun grabber..