That's a "U.S. Navy marked" .38 Military & Police Victory Model. Produced during WW II.
The SCSW (Standard Catalog of Smith & Wesson) 4th edition states, page 167:
U.S. NAVY marked worth premium............if marked on topstrap...
These V prefix, Victory, models are outside my bailiwick but there are a few guys on this forum that have a wealth of knowledge and they'll be along before long to give you more information than you can imagine.