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This is one of my favorite toys. It's a CZ 50 from Czechoslovakia, also known as a Vz 50. They were made throughout the fifties and sixties for police and the Ministry of the Interior. In 1970 they were given a mostly cosmetic update, and continued being made as CZ 70's up until they were replaced by 9mm Vz 82's. Mine has the crossed swords on it that mean it was government property, and carried by some sort of government agent.
It shoots .32 ACP (7.65x17 SR), and shoots it very nicely. An extremely accurate little gun, and very reliable as long as it's fed FMJ rounds. I tried shooting semi-wadcutters in it once though, and had a failure to feed about every third shot.
It's a pretty simple gun. double-action, straight blowback design, with an 8-round magazine. The manual safety has a decocking mode, that drops the hammer from the cocked position.