Victory 5" (info needed)

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Just grabbed this old revolver at the LGS, and don't know too much about it.

It seems to be a Victory Model with a 5" barrel, and is marked "US PROPERTY GHD" on the top strap, and "HCP" with a number on the back strap. I'm thinking Hong Kong Police, but am more used to seeing "RHCP" on their guns. The serial is: V 686865. The serial on the butt and cylinder match. I think that the lanyard ring is not stock, because I don't remember seeing any that are round like this one.

The gun is marked for .38 S&W and will chamber the round, but the guys at the gun shop say that it was converted for .38spl and it will chamber them.

The overall condition is okay, but there is rust under those ugly "Mother of Toilet Seat" grips. I'm thinking that it got wet and the water stayed underneath the grips for awhile. Not beautiful, but not horrible, either. I can get the rust off with steel wool and oil.

Just hoping some of the more knowledgeable folks here can enlighten me on this old gun. Thanks.

Here are some quick pics:

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The gun is a Lendlease gun sent to Britain, or one of our Allies, in Oct. 1944. It is not a Hong Kong Police gun. In 1944 there was no Hong Kong Police, only Japanese occupation troops. The HKP and the 2278 were added after it left S&W. What they represent is anybody's guess, however the 2278 is probably an inventory or rack number. You are correct about the lanyard swivel - it's not factory, however the gun left S&W with a S&W lanyard swivel in place. If the gun has been converted to .38 Special, then it has lost any collector value and is a shooter only. Ed.
 
Obviously used for police duty but I can't even guess what HKP means. I have one with German police markings so maybe it's a PD in Germany?

I would not shoot 38 Specials in a reamed 38 S&W. Many do, but I wouldn't. But sticking with the shorter round almost requires reloading for economy.

The ring looks English, like the Webley rings. Maybe it is Hong Kong Police as that was a British territory?
 
Thanks much for the replies.

The gun ended up being a lot more rusty than I had originally thought. Pitting on the grip frame and rust inside. I'm guessing that someone got it wet and only wiped off the outside, because the visible exterior of the gun looks okay. At least the action is smooth.

Not one of my better gun purchases. Oh, well. Live and learn.
 
The earlier October 1944 date given should be correct. You can fire both .38 S&W and .38 S&W Special cartridges in it if the chambers have been reamed. .38 S&W may perform better in the accuracy department, but that caliber is a little hard to find. You shouldn't have any concern about shooting standard .38 Special lead bullet loads in it. Don't expect great grouping however. Fired cases may show bulging. Hopefully you didn't pay much for it.
 
Having carried a S&W revolver every day for a year in Asia, you don't have to dunk them to get them wet, just standing still in that incredible humidity will do it. I went over with a nice Elgin dress watch, after a few months it quit working and when I came back home I took it to a jeweler to get it repaired. It was green inside. He said that somehow one of the seals failed and the humidity got inside and corrosion just dissolved the guts. The armorers couldn't keep up on the upkeep on the M16s and our Model 15s, no matter what we did they would rust or corrode.

Cool piece of history even if it is a let down due to the condition. Better luck next time.
 
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