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The Walther P-38/P1 would work very well as a CCW gun.
The only down-side is the slides on these guns are rather thick and that makes the gun harder to conceal.
These guns are somewhat outdated, being a full size auto with a single stack magazine, but that doesn't make it unsuitable for carry.
You will need to limit the ammunition to standard velocity because these guns were not built for hotter stuff.
You also may need to do some experimenting to find a type of defense ammo that will feed reliably in your specific gun.
Actually, the biggest problem is the length of the pistol and availability of good holsters. The pistol itself is fine. Probably more reliable than most autos with small ejection ports.
There would be no reason not to carry one. Its a Walther. Its made in Germany. It was good enough for an awful lot of German soldiers and cops for a very long time. I would certainly not feel the least bit unarmed if I decided to carry mine.
Steve C hit it on the head. If you want to keep your original barrel, a spare can be had cheaply and cut down. The front sight can be relocated to the barrel. If you cut the original, mount the sight on the slide hood a la a P-38k. It's still a wide design and holsters are hard to find, but I remember seeing post-WWII French movies where detectives carried P-38s. I think it was standard issue to plainclothes police.
Also, P-1s with the hex screw support and heavier slides are probably OK with a modicum of stout loads. Just don't overdo it.
No question that they are great guns and reliable operators. There's also no question that they are big and heavy -- even the P1 can be a load, despite its alloy frame. Chopping off a P1's barrel would work, I guess, but there are better alternatives. If you like Walthers, try the new PPS -- a great gun. Or try the PP Sport, which packs plenty of punch as well. Heck, there's nothing wrong with the tried-and-true PPK/S. I carry one every day.
Hey, .380, one other thought: Consider picking a Walther P5 and use that for your carry gun. The P5 is the ultimate extension of the P.38, it already has the shortened barrel, and it's a top-flight workhorse -- a truly wonderful 9mm semi-auto. You can't do wrong with a P5, and you can get one of the police-issue surplus guns from places like SOG for good prices these days.
then again the p88c is the same size as the p5 and has a 14 round magazine. the p99 is also the same size as the p5 has a 16 round magazine and is lighter. the p-38k imitation looks cool.
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