George has anyone else seen or documented another gun with similar engraving? I think it is period but not likely factory engraving. Low serial number for sure. But I've never seen a Teutonic style engraved A5 like this one. I think it was bought and then engraved to suit the new owner. A after market upgrade engraved gun. Might find a known browning engravers mark to support a factory connection somewhere in the engraving But unsigned engraving will be hard pressed to prove factory linkage.
Condition is certain to discount final sale price. Think what that must have looked like a hundred bumps ago. If pristine it would interest ten times the buyers as it is I see an interesting early gun which generates as many questions as it answers and to some of us that is a bonus.