It is indeed a Spanish Eibar " Ruby " type pistol, because there were dozens of cottage gunmakers making these , unless it is marked, the actual maker will never be known. My opinion differs a little from the others, I feel it is a commercial model made between 1920 and 1936,, it does not have the required molded Hump just in front of the safety and it lacks the required French army markings. The French required this modification because upon holstering the gun, the holster would catch the safety and flip it off. So add a round head rivet or molded bump so the holster will over ride the safety.Yes, a member of the Condor League may have picked up one of these and carried it back to Germany, other wise I would say it was won in a poker game. The Germans in France had plenty of French guns to arm their rear echelon troops also by the time the Germans were in France only 4 Spanish gun makers were left and your gun was not produced by any of those four.. Value on these type guns are not high, the story about the German officer unfortunately is not backed up by providence. BTW the 7.65 is not a " Walther " round it is just a common pistol round also known as the 32 ACP. Your gun looks to be in excellent condition, 200 to 250$ Hope that helps
