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S&W apparently has the license to manufacture Walther's PPK/S..would you buy one as a long term investment collector piece ?
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In late 2002, S&W announced they had become the exclusive U.S. importer of Walther pistols and they would begin manufacture of a stainless steel PPK at their Houlton, Maine plant. Houlton is one of those little secrets that isn't really a secret but the name of Smith & Wesson is so completely associated with Springfield, Massachusetts, little Houlton sometimes gets lost in the shuffle. Of course it really isn't all that little and over the years has grown from making knives and handcuffs into a modern manufacturing facility where S&W's .22 plinkers are made along with more handcuffs, the famed Model 41 and now the Walther PPK and PPK/S.

S&W's announcement indicated some of the design features would be improved. Most wonderful of all is they cured the hand biting by two simple steps. First of all they extended the tang far enough back to become a semi-beavertail and then added a small cut on the bottom of the slide to get rid of the razor edge that did the cutting. Your hand might still contact the slide as it cycles but you'd have to do something stupid to bleed anymore.
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As an investment piece?
No. I woudn't buy any but a German-made Walther for that purpose.

To use?
Yes. I think it beats the German (and especially the Interarms/Ranger guns) as a shooter.

I got one of the first "Smith & Walther" PPK/Ss and kept it until late last year or early this year. So I guess I had it at least two years.

I think Walther collectors get the dry heaves at the sight of one, but S&W made it easier to shoot. A lot of people can't stand the looks of the extended tang, but it works- at least for me- to prevent slide biting. I thought it might make the gun harder to carry, but I didn't notice it. I carried it in a pocket holster usually.

I think S&W added a firing pin block that deactivates when fired. I've heard they also made a change or two in the "geometry" inside at the same time, to give it a better trigger pull. Personally, I don't recall the trigger being any better in DA or SA than any other Walther I've had, German or U.S. made.

I've had six different PP/PPK/PPKs pistols before this S&W, although most didn't stay long. Four of the six needed either feedramp/throat polishing, extractor work, or both to function properly. The S&W worked fine as it came.

My biggest complaint about the gun was sharp edges. By the way, I used to hear people complain about that, and just thought they were pansys. Then I got a gun that was "smoothed-up" and it spoiled me for life.
Anyway, my S&W/Walther PPK/S had pretty crisp corners on it. The main culprits were the edges on the grip. Like most pistols, it's flat under the grip panels, then transitions to rounded front and backstraps. Those transition areas were pretty sharp. I stoned and emery clothed mine down, and a half hour's work help a lot.

Whether the PP series is the best available choice in today's world is a debate all it's own. To the negative, we now have 9mm pistols available that are smaller and lighter, have better triggers, and usually work better than past generations of Walthers. In fact, I'm fairly certain that Kahr has a smaller and lighter .40 pistol.

But a Walther has that history and mystique behind it. It has that classic 1920's look. Usually, once they work, they stay working. For the most part, they are accurate guns, once the trigger is learned.
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I think Walther collectors get the dry heaves at the sight of one, but S&W made it easier to shoot
I don't care for Walthers..I do like Smith & Wesson revolvers (as long as they don't have that infernal internal lock)
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