This is a most unusual holster.  Examples of similar holsters are shown in "Holsters of World War II" by Eugene Bender and "German Pistols and Holsters 1934-1945" Volume III by Lt. Col. Robert D. Whittington III, U.S. Army (Ret).

Bender identifies this type holster as rare.  Whittington identifies it as a post-war fake.

It was definitely made for a P.38 and has the police style closure.  Unusual features are the makers mark (Hans Romer) on the inside back of the holster along with an eagle over a swastika with a "M" to the left and a "II/8" (II is a Roman numeral 2) to the right.  Below the makers mark there is a "59" with a small "3" overstamped on the "5".  Did someone try to make the "59" show as a "39" (year of manufacture)?  On the rear of the holster has been hand stamped, P.38, E6346 and below those markings appears to be a "77".  The KM marking is similar to the style that was used in the mid 1930s and is nothing like the KM property marking that was used on leather items during the early years that P.38s were being made.

The holster appears to have been reworked, at least, twice.  The closure flap and the belt loops were repaired at one time with rivets.  Then the rivets were removed and the parts were repaired again by stitching.  Then, it looks like another rivet was installed on the lower left side belt loop.

This holster must fall in the questionable category since no documented Kreigsmarine P.38 has been authenticated.  The holster does show a lot of use and the markings, particularly on the back, show a lot of wear so they were there for most of the holster's life.  I can find nothing that is definitely wrong with the holster, itself.

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In this picture you can see the oval maker's mark and just to the right is the eagle over swastika.

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On the upper right rear is P.38, E6346 and below those marking is a very faint "77".

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The Hans Romer stamp is upside down.  To the right you can see the E/S with a "M" to the right of the swastika and "II/8" to the right of the swastika.

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A negative image of the E/S tends to show the detail a bit better.

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The original "5" of the "59" was overstamped with a, smaller "3".

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