I don't think it is European. Both Belgian and Spanish guns would have been nicely made and finished. Look at the hinge area of the frame, perfectly flat with no bevel. And the dents that look like (and might be) from welding. The barrel, on the other hand, looks fairly good, supporting the idea that the frame might have been made in the East, using a barrel and maybe cylinder made in Europe.
So, a made up gun? A heavily repaired gun? A "Pass" gun? Anyway, a curiosity but little more. The collecting value - zero. The speculation value - priceless.
Jim