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Chuck,

Looks like you found a very nice KM Mauser M1934! It is a pretty late one as the serial range on a variation 4 went from around 544,000 to around 628,000. The KM engraving on the right frame looks right to me. These were applied after the bluing so there should be no bluing over this marking. Some are because they have been reblued. It should have NO property markings on the front grip strap. Jan Still in his book "Axis Pistols" page number 171 reports around 6,000 of this variation were procured by the KM. Jan reports the latest variation four (4) with serial number 627788. Anyway, congratulations on acquiring a wonderful late Mauser KM M1934. Best, Lloyd in Vegas

Download Attachment: KM Marking 2.jpg
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My variation four (4) is in the 624xxx range. Here is a quick closeup macro shot of the KM marking on the right frame.
 
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