That's a nice example of end of production Sistema Colt 1927, by the time that that gun was made, most of the Police and Armed Forces switched to High Power and D.G.F.M was setting up all the tools to make HP35 under license of FN.
Most of those 1927 were made to be sold as civilian and export guns as matter of Fact at the time of mfg that handgun, D.G.F.M was also selling as export or civilian sales Mauser M98 actions or as complete hunting rifles made under license of DWM