After WWII, Walther moved from Zella-Mehlis (East Germany) to Ulm (West Germany). Production restarted in 1952.
If your serial number is faded or unclear, use these "tells" to date the gun: Proof Marks walther pp serial number lookup
Higher for early high-polish blue, lower if mismatched or import-marked. After WWII, Walther moved from Zella-Mehlis (East Germany)
Walther PP, 7.65mm, Crown over N proofs, serial 945,267. Crown over N proofs
Walther PP serials typically do indicate caliber. However, note: