I'll weigh in too.
I kinda agree with Fuff because he knows his stuff. It's dangerous to disagree with the old man. This frame is devoid of any S&W markings.
However, the frame appears to meet the standard S&W dimensions. Most S&W counterfiets are dimensionally off in some area. I believe you have an early S&W frame that has been heavily polished, thus removing the markings. Whether it is a Victory or not is really immaterial at this point. It appears to have the long throw action, and it probably has a .38 Special cylinder, converted or otherwise.
The barrel is obviously a replacement barrel that has been cut down. The serial number does not match the frame, and the rollmark is not centered properly. The ramp sight was added by a gunsmith at some point. The post war magna grips are not correct.
My bet is that this is a pre-war M&P that at some point suffered a damaged barrel. That barrel was removed, and a cheaply acquired Victory barrel was installed. Since the gun was no longer "original" the gunsmith or owner decided to simply cut the barrel to the length desired, and install a ramped sight.
As a result, you have a three inch K frame .38 that has the long throw action. That is a desirable combination. This revolver is very definitely a shooter, So........How does it shoot? Have the cylinder checked by a gunsmith to determine caliber and whether it was converted. Check it's timing and lock-up. If these are OK, then check it's accuracy. If it is accurate enough for you, then you have a fine old, unique Smith with a lot of history and a great little gun.
Not all guns have to look like they just left the factory! I think I would take some steel wool to the barrel and make the overall patina even on the gun. Maybe find a set of early grips and perhaps a lanyard loop. This can be a fun gun if it's functional. Enjoy it!